Waystar price target raised to $32 from $27 at BofA

BofA raised the firm’s price target on Waystar to $32 from $27 and keeps a Buy rating on the shares. The firm has increased the multiple it applies to its estimates to reflect greater confidence in Waystar’s intermediate-term growth and share gains, the analyst tells investors. The firm’s quarterly survey finds that 20%-24% of respondents are more likely to replace their current revenue cycle vendor and this creates a near-term opportunity for Waystar to capture new health system and ambulatory customers, with the potential to cross-sell into these relationships over time, the analyst noted.