Barclays cuts Waystar target, says LBO math ‘increasingly compelling’

Barclays analyst Glen Santangelo lowered the firm’s price target on Waystar (WAY) to $25 from $36 and keeps an Overweight rating on the shares. The firm believes the company’s leveraged buyout math “could create a floor” for the shares. Barclays does not expect a transaction in the near-term. However, with Waystar trading down on AI concerns, the firm finds the company’s leveraged buyout math “increasingly compelling.” The longer-term potential for a transaction “may start to provide a floor for the stock,” the analyst tells investors in a research note.