Waystar initiated with an Equal Weight at Morgan Stanley

Morgan Stanley initiated coverage of Waystar (WAY) with an Equal Weight rating and $28 price target The firm believes the company “has the pieces to win” as AI becomes more important to revenue cycle management and that the shares look oversold. However, the “rapidly evolving” healthcare information technology backdrop creates execution risk amid an “uncertain catalyst path” for the shares, the analyst tells investors in a research note.