Evercore ISI Starts Waystar Holding (WAY) at Outperform

Evercore ISI analyst Elizabeth Anderson initiates coverage on Waystar Holding (NASDAQ: WAY) with a Outperform rating and a price target of $25.00.

The analyst comments "WAY offers a core HCIT software-based revenue cycle solution addressing provider needs both on the payor side through its clearinghouse and related offerings, as well as on the patient side through engagement and patient pay solutions. The strength of its portfolio of subscription and volume-based solutions, along with unparalleled customer service, make WAY a HCIT company delivering softwarelike margins and HSD+ growth with minimal churn. Thesis: With >30K clients, WAY is a large claims clearinghouse for 18 of the top 22 US hospitals. Through acquisitions, WAY has meaningfully expanded its capabilities within the past 2-3 years and is well positioned to cross-sell these into its already-substantial base. With limited customer concentration, ~40% OMs, and an estimated org growth of >10% in recent years, WAY stands out within our HCIT coverage. In addition, recent disruptions at competitor Change may provide upside to numbers if customers choose to add redundancies to their clearinghouse. We thus see current valuation as compelling at ~14x ‘24 EBITDA (<13x ‘25)."

For an analyst ratings summary and ratings history on Waystar Holding click here. For more ratings news on Waystar Holding click here.

Shares of Waystar Holding closed at $21.51 yesterday.

You May Also Be Interested In

• Stripe, Advent In Talks To Buy Paypal - WSJ
• BofA Securities Resumes American Eagle Outfitters (AEO) at Underperform
• Full Circle Lithium closes $5.14M private placement