Toast (NYSE:TOST) stock is heading higher on Wednesday after the cloud-based digital technology platform serving restaurants got an upgrade from Goldman Sachs.
Goldman Sachs analysts upgraded shares of TOST stock from a “neutral” rating to a “buy” rating today. That’s looking good compared to the analyst consensus rating of hold based on 20 opinions.
With that upgrade comes a price target of $24 per share for TOST stock. This represents a 27.6% premium over the stock’s prior closing price. It’s also bullish compared to the analyst consensus price prediction of $20.74 per share.
Why the Bull Stance on TOST Stock?
Goldman Sachs analysts highlight the incredibly negative investor sentiment for TOST stock in a note to clients. However, the firm believes that this is also priced into the stock and that there is room for improvement.
These analysts note that the market isn’t taking into account better profitability trends in 2024. Even with a conservative estimate, they believe that Toast is set to obtain profitability in 2025. That means now could be an attractive investment opportunity for investors.
TOST stock is up 1.4% as of Wednesday morning with more than 1.6 million shares changing hands. For comparison, the company’s daily average trading volume is about 9.1 million shares.
Investors seeking out even more of the most recent stock market stories are going to want to stick around!
We have all of the hottest stock market news that traders need to know about on Wednesday! A few examples include why shares of Bloom Energy (NYSE:BE), Rail Vision (NASDAQ:RVSN) and Roma Green Finance (NASDAQ:ROMA) stock are moving today. You can read up on these matters at the following links!
More Stock Market News for Wednesday
- Bloom Energy (BE) Stock Pops on Analyst Upgrade
- Why Is Rail Vision (RVSN) Stock Down 10% Today?
- Why Is Roma Green Finance (ROMA) Stock Down 19% 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.
