Exane BNP Paribas downgraded Toast (TOST) to Neutral from Outperform with a $37 price target The firm cites valuation for the downgrade with the shares having more than doubled year-to-date. Toast has overdelivered this year and the stock has performed accordingly, the analyst tells investors in a research note. With downside risk to EBITDA estimates in fiscal 2025, the share price momentum “looks unsustainable,” contends Exane.

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