Exane BNP Paribas (OTC:) upgraded Toast Inc. on Thursday. (NYSE:TOST) from Neutral to Outperform with a price target of $30.00. The upgrade reflects the company’s confidence in Toast’s position in the market against competition from SkyTab Shift4 and GPN.
The firm’s analyst noted that despite competitive pressures, Toast’s market position remains strong or has even improved slightly. This valuation follows recent developments including a new partnership with Choice Hotels (NYSE:), which was a previous Shift4 client, the addition of Caribou Coffee as a new corporate client and the expansion of Toast’s presence to 1,000 international locations.
These strategic moves are seen as evidence of Toast’s successful implementation of its hospitality, entrepreneurship and international growth initiatives. Attracting high-profile clients and entering international markets are key factors contributing to the company’s optimistic outlook.
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