Waystar initiated with an Outperform at Mizuho

Mizuho analyst Steven Valiquette initiated coverage of Waystar (WAY) with an Outperform rating and $48 price target Shares outperformed in 2024 as the company benefited from a Q1 cyberattack on a primary competitor and the associated market share gains translated into 19% revenue growth last year, though the stock has performed “more modestly” in 2025, partly due to initial 2025 “reported” revenue growth guidance below long-term targets given revenue pull-forward last year, the analyst tells investors. Based on channel checks, the firm expects Waystar to maintain market share beyond this and capitalize on selling newer AI-driven solutions into the installed base, the analyst added.