BMO Capital Markets just dropped a bullish note on Toast (NYSE:TOST), calling it an "Outperform" with a $45 price target. Their take? Toast is the go-to in restaurant technology and payments, perfectly positioned to grab a bigger slice of the U.S. market. Currently holding 14% market share, Toast's ability to win over more of the 875,000 restaurant locations in the U.S. is undeniable. And let's not forget its stellar unit economicsan LTV/CAC ratio over 6x gives it a serious edge. BMO believes Toast's recent 15% stock pullback is a golden ticket for investors, with a de-risked EBITDA forecast for 2025 paving the way.

Toast isn't just playing defense; it's expanding globally and innovating locally. Its recent partnership with Uber (NYSE:UBER) integrates delivery services, cutting costs and boosting coverage for restaurants. This isn't just a growth story; it's a smart growth story, with revenue already up 29.5% in the past year. The cherry on top? Toast is dipping its toes into international watersCanada, the U.K., and Irelandunlocking a potential 280,000 new locations. As small businesses gear up for more tech spending, Toast is positioned to lead the charge, elevating average revenue per user while solidifying its competitive moat.

But not everyone's on board. DA Davidson and Goldman Sachs downgraded the stock over concerns about 2025 margins. Still, BMO sees Toast's projected 34% earnings growth by 2027 as a deal worth chasing, calling its current valuation more than justified. With plans to expand its product suite and squeeze more value out of existing customers, Toast's future looks brighter than its stock chart might suggest. If you're looking to invest in the restaurant tech revolution, this might just be your table.