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Mizuho upgraded TOST to “buy” from “neutral”
Toast Inc (NYSE:TOST) is marginally lower today, trading at $16.79 at last glance despite a bull note from Mizuho. Specifically, the analyst upgraded the cloud-based restaurant platform to “buy” from “neutral,” with a price-target hike to $24 from $22. According to the research note, the firm’s survey of Toast restaurants shows a “delicious path to profitability,” boosted by the positive impact of cross-selling payroll and adjacent software-as-a-service (SaaS) products.
Pulling back from an earlier surge above $18, the stock has struggled to break past the $22 level over the past couple months, with more recent pressure at the 20-day moving average. However, the supportive 100-day trendline is keeping the stock afloat.
Puts are much more popular than usual in the options pits. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), TOST’s 10-day put/call volume ratio of 1.73 ranks higher than 95% of readings from the past year. Today, however, calls are running at double what’s typically seen straight out of the gate.
After today’s bull note, 10 of the 17 analysts in coverage now carry a “buy” or better rating on Toast stock. Plus, the 12-month consensus price target of $24.23 is a 42.5% premium to current levels.
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Image and article originally from www.schaeffersresearch.com. Read the original article here.