TOST

Jefferies’ 3Q alt-data is strongest for TOST, with ordering visits +21% y/y, logins +67% and Local downloads +130%, while SHOP app traffic held ~+99% despite tougher comps.

Estimates for gross profit and EBITDA are above Street expectations, indicating stronger financial performance.

FISV falls to Perform on continued execution risk and dependence on delayed implementations for a 4Q ramp, while TOST/XYZ are ~1%/~1.5% above Street on gross profit and both ~4% above on EBITDA.

IQ Grow is an underappreciated earnings lever for 2028, modeled to drive approximately $38 million of incremental recurring gross profit in 2027 and approximately $97 million in 2028.

IQ Grow offers approximately $62 million of potential 2028 adjusted EBITDA upside compared to the current $1.4 billion estimate, partly offset by approximately $19 million in 2026 launch/scaling costs.

At $499/month, the product adds roughly $4,000 of annual SaaS ARPU per location after bundle displacement.

Morgan Stanley's latest SMB survey was incrementally positive, with the company's restaurant leadership strengthening, food and beverage payments penetration reaching 47% from 27% last year, and virtually no surveyed customers indicating plans to switch providers.

Morgan Stanley’s latest SMB survey came in incrementally positive for XYZ, SHOP, and TOST, with the firm raising already-above-Street XYZ estimates and now

Third-party reports indicate that sales have “taken a step up” driven by accelerating Enterprise momentum and better end market trends.

TOST: Hearing Clev positive saying sales have “taken a step up” driven by accelerating Enterprise momentum and better end market trends while DASH POS delated

CVNA +4% shaking off some mixed 3p data showing a decel in latest week although still tracking well ahead of street QTD TOST +5% as Cleveland said sales have “taken a step up” driven by accelerating Enterprise momentum and better end market trends while DAS...