Toast’s Development May Take A Hit As Macro Uncertainties Weigh, Analyst Says

  • Baird analyst David Koning downgraded Toast Inc (NYSE: TOSTfrom Outperform to Neutral and lowered the worth goal from $26 to $24.

  • The analyst appreciated the Toast theme, together with vital share positive factors throughout the restaurant vertical and strong progress in income per location.

  • TOST has ~74k places inside Koning’s estimated ~700k US places that aren’t a part of massive chains of >1k places.

  • After a interval of stable restaurant progress, the analyst considers it attainable {that a} macro slowdown may affect restaurant progress.

  • Nevertheless, Koning seen the danger and reward as fairly balanced, contemplating slowing room to penetrate TAM, slowing macro and restaurant progress, share creep, and valuation.

  • The analyst anticipated Toast’s diluted share depend to achieve 600 million as soon as it reached profitability.

  • Toast reported third-quarter FY22 income progress of 55% year-on-year to $752 million, beating the consensus of $721.5 million.

  • ARR for Q3 was $868 million, up 60% Y/Y.

  • Gross Cost Quantity (GPV) elevated 53% Y/Y to $25.2 billion.

  • EPS lack of $(0.19) missed the consensus lack of $(0.09).

  • Toast raised its FY22 income to $2.692 billion – $2.722 billion (up from $2.620 billion – $2.660 billion), above the consensus of $2.66 billion.

  • Worth Motion: TOST shares traded decrease by 3.11% at $21.65 on the final test Tuesday.

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