TOST was downgraded to Market Perform from Outperform by Bernstein analyst Harshita Rawat on Nov. 11, with a price target slashed to $38 from $45, implying 10% downside to the current $34.52 close. The cut reflects mounting concerns over competitive pressure in the crowded point-of-sale market as generative AI raises disintermediation risk. Rawat's move marks the second downgrade in a week after Morgan Stanley trimmed its target on Nov. 4, yet the sell-side consensus remains Buy with a mean target of $38.89. Toast's short interest sits at 6.8% of float, stable week-over-week, while insiders have been net sellers, with executives offloading $2.56M in stock over the past 90 days.
TOST Bernstein downgrade: Rawat cuts rating to Market Perform from Outperform, target falls 15.6% to $38.
TOST was downgraded to Market Perform from Outperform by Bernstein analyst Harshita Rawat on Nov. 11, with a price target slashed to $38 from $45, implying 10% downside to the current $34.52 close. The cut reflects mounting concerns over competitive pressure in the crowded point-of-sale market as generative AI raises disintermediation risk. Rawat's move marks the second downgrade in a week after Morgan Stanley trimmed its target on Nov. 4, yet the sell-side consensus remains Buy with a mean target of $38.89. Toast's short interest sits at 6.8% of float, stable week-over-week, while insiders have been net sellers, with executives offloading $2.56M in stock over the past 90 days.
Key data as of 12 Nov 2026
TOST Bernstein downgrade: Rawat cuts rating to Market Perform from Outperform, target falls 15.6% to $38.
TOST arrives at its June 12 earnings report having shed 13% in a week and with bears adding meaningfully to their positions — a setup where the print carries real weight. Short sellers have been accumulating steadily.…
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