Toast (NYSE:TOST) stock is rising higher on Wednesday after UBS analyst Rayna Kumar weighed in on the restaurant tech company’s shares.
The big news today is the UBS analyst upgrading shares of TOST stock from a “neutral” rating to a “buy” rating. For the record, the analyst consensus rating for TOST shares is a “moderate buy” based on 21 opinions.
To go along with this upgrade, Kumar increased their price target for shares from $25 per share to $30. That represents a potential 38% upside over the next 12 months. It also sits above the analyst consensus price prediction of $25.22 per share.
What’s Behind the TOST Stock Upgrade
Investors looking to “take a bite of Toast” will note the positive sentiment the UBS analyst shared in a note obtained by CNBC:
“Toast remains well-positioned to capture the restaurant industry’s ongoing shift from legacy technology to omni-channel, integrated software solutions […] While the competitive environment remains intense and macro uncertainty looms, Toast continues to prove itself as a top provider, evidenced by the recent acceleration of location net Adds.”
Investors will note the new rating and price target for TOST stock comes after a leadership change was announced yesterday. That has Chief Operating Officer Aman Narang taking over as CEO of the company.
TOST stock is up slightly as of Wednesday morning and up 23.8% since the start of the year.
Investors seeking out even more of the most recent stock market news today are in the right place!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Wednesday! A few examples include details on Roku (NASDAQ:ROKU), the latest Lucid (NASDAQ:LCID) stock price prediction and what has cannabis stocks rising higher today. All of that news is ready to go at the links below!
More Stock Market News for Wednesday
- Roku Layoffs 2023: What to Know About the Latest ROKU Job Cuts
- LCID Stock Price Prediction: Baird Initiates Coverage of Lucid With $7 Target
- Why Are Cannabis Stocks Still Up Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
