Citizens Reiterates Waystar (WAY) at Market Outperform on Iodine Deal, RCM Growth Potential

Citizens analyst Constantine Davides reiterated a Market Outperform rating and $48.00 price target on Waystar Holding (NASDAQ: WAY).

The analyst commented, "Our top pick within our HCIT coverage is WAY; we increase our estimates on the recently completed Iodine acquisition. We remain constructive on the potential impact from complementary Iodine solutions and opportunities for WAY to continue to gain share within the revenue cycle management (RCM) space. Our 2026 and 2027 EBITDA estimates move to $523M (from $468M) and $582M (from $515M), respectively, on Iodine-related accretion. WAY recently traded at 22x our revised 2025 EBITDA estimate; our $48 PT is derived by applying a 21x multiple to our revised 2026 EBITDA estimate."

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 $37.43 yesterday.

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