JPMorgan Sees Regulatory Upside, Keeps $43 Target on Toast (TOST)

Toast, Inc. (NYSE:TOST) is included among the 13 Best Blue Chip Stocks to Buy Under $50.

JPMorgan Sees Regulatory Upside, Keeps $43 Target on Toast (TOST)

On December 4, JPMorgan analyst Tien-tsin Huang upgraded Toast, Inc. to Overweight from Neutral and kept the price target at $43. The firm said there could be meaningful upside to estimates if interchange fees end up being regulated. JPMorgan also noted that Toast should continue delivering “top decile growth” as a software-driven payments player that is “unburdened” by legacy distribution.

For the third quarter of 2025, Toast, Inc. posted another strong set of results. Revenue rose 34%, margins came in at 35%, and the company saw steady year-over-year growth in new location adds. The company also shared that it has crossed $2 billion in ARR for the first time. Management pointed to wins with major operators such as Nordstrom, TGI Fridays, and Everbowl, along with a deeper partnership with Uber to help restaurants better manage off-premise sales.

The company added that its Enterprise, international, and food and beverage retail businesses are on track to reach a combined $100 million in ARR this year. It also sees room for each of those segments to eventually grow into $1 billion ARR opportunities.

Toast, Inc. is a cloud-based, all-in-one digital technology platform designed specifically for the restaurant industry.

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