BUZZ-Toast gains after Q3 revenue beat, FY forecast raise

Reuters11-08

** Shares of restaurant software provider Toast advance 11.6% to $36.45 premarket

** Company's Q3 revenue of $1.305 bln is above analysts' est. of $1.290 bln - data compiled by LSEG

** Expects FY adj. EBITDA in the range of $352 mln to $362 mln, up from $285 mln to $305 mln projected earlier

** Company has added about 7,000 net new locations in Q3, says CEO Aman Narang

** At least 6 brokerages raise PT on stock after results

** Wedbush raises PT to $45 from $35, expects gross payment volume/location pressure to persist through Q4 and into 1H25

** "We expect the GPV pressure to be more than offset by continued momentum in net location adds and subscription services revenue" - Wedbush

** Morgan Stanley raises PT to $45 from $33

** Avg. rating of brokerages is "buy"; median PT is $34.5 - LSEG data

** As of last close, stock up 78.9% YTD

(Reporting by Sukriti Gupta in Bengaluru)

((Sukriti.Gupta@thomsonreuters.com;))

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