KeyBanc on Waystar Holding (WAY): 'Stock Drops as Bears Misconstrue Normalizing Trends'

KeyBanc analyst Scott Schoenhaus reiterated an Overweight rating and $30.00 price target on Waystar Holding (NASDAQ: WAY).

The analyst commented: "Stock Drops as Bears Misconstrue Normalizing Trends; After reporting a solid 2Q print, raising the outlook, and addressing strength in bookings/pipeline, shares of WAY traded undeservedly lower, in our view (down ~17% vs. S&P500 up 1.5%). While we think there was some positioning into the print with short covering, the focus on "decelerating" NRR is a false narrative in our view as: 1) industry utilization steps back to normal levels; and 2) cadence and timing of client go-lives come back down from the emergency onboarding during the Change outage. We reiterate our OW and $30 PT and raise our estimates on the solid results and outlook."

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 $20.94 yesterday.

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