Waystar price target lowered to $32 from $35 at Raymond James

Raymond James analyst Brian Peterson lowered the firm’s price target on Waystar (WAY) to $32 from $35 and keeps a Strong Buy rating on the shares. Waystar reported Q1 results that modestly exceeded expectations but fell short of the stronger beats investors have come to expect, leading to a reiterated full-year outlook and a negative after-hours stock reaction, the analyst tells investors in a research note. While underlying fundamentals remain healthy, cyclical softness in transaction volumes and longer implementation cycles weighed on near-term upside, tempering sentiment despite the intact longer-term growth thesis, the firm says.