JPMorgan Chase & Co. Cuts Waystar (NASDAQ:WAY) Price Target to $38.00

Key Points

• JPMorgan cut its price target on Waystar from $40 to $38 while keeping an "overweight" rating, a target that the report says implies roughly a 77.7% upside from the stock's current price.
• Q1 beat but cautious guidance: Waystar reported $0.42 EPS (vs. $0.39 est.) and revenue of $313.9M (+22.4% YoY), yet management set 2026 revenue guidance of ~$1.274B–$1.294B and signaled Q2 growth could be flat or down ~1%, triggering the stock decline.
• Mixed analyst landscape and market reaction: Analysts' ratings range from sell to strong-buy with an average "Moderate Buy" and a $36.38 average price target, while shares traded down to $21.38 on heavy volume following the guidance shift.

Waystar (NASDAQ:WAY - Get Free Report) had its price objective dropped by JPMorgan Chase & Co. from $40.00 to $38.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 77.74% from the stock's current price.

Other research analysts also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft lowered their price objective on Waystar from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Thursday, March 12th. Morgan Stanley initiated coverage on shares of Waystar in a research report on Monday, March 30th. They set an "equal weight" rating and a $28.00 target price on the stock. Jefferies Financial Group reissued a "buy" rating and set a $41.00 target price on shares of Waystar in a report on Wednesday, February 18th. Raymond James Financial restated a "strong-buy" rating and issued a $32.00 price target on shares of Waystar in a research report on Thursday. Finally, Wall Street Zen cut shares of Waystar from a "buy" rating to a "hold" rating in a research report on Saturday, February 21st. Three analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $36.38.

Waystar Price Performance

Shares of WAY traded down $3.89 during trading hours on Thursday, reaching $21.38. The stock had a trading volume of 8,044,196 shares, compared to its average volume of 2,638,253. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.41 and a current ratio of 1.41. Waystar has a 12 month low of $20.35 and a 12 month high of $42.55. The stock has a market capitalization of $4.10 billion, a PE ratio of 35.05, a PEG ratio of 1.00 and a beta of 0.87. The company's 50-day moving average is $24.65 and its two-hundred day moving average is $29.80.

Waystar (NASDAQ:WAY - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.39 by $0.03. The business had revenue of $313.87 million for the quarter, compared to analyst estimates of $311.72 million. Waystar had a return on equity of 6.86% and a net margin of 10.20%.Waystar's quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 EPS. Waystar has set its FY 2026 guidance at 1.590-1.680 EPS. Research analysts expect that Waystar will post 1.46 EPS for the current year.

Institutional Trading of Waystar

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Waystar by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 12,330,872 shares of the company's stock worth $403,836,000 after purchasing an additional 41,062 shares during the last quarter. Advent International L.P. bought a new stake in shares of Waystar in the 4th quarter valued at $362,212,000. William Blair Investment Management LLC increased its position in shares of Waystar by 0.4% during the fourth quarter. William Blair Investment Management LLC now owns 5,282,220 shares of the company's stock worth $172,993,000 after buying an additional 19,033 shares during the period. State Street Corp raised its stake in Waystar by 4.0% during the fourth quarter. State Street Corp now owns 4,134,052 shares of the company's stock worth $135,390,000 after buying an additional 159,183 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in Waystar by 4.5% during the third quarter. Alliancebernstein L.P. now owns 3,415,442 shares of the company's stock worth $129,514,000 after buying an additional 146,510 shares during the last quarter.

Key Stories Impacting Waystar

Here are the key news stories impacting Waystar this week:

• Positive Sentiment: Q1 beat on both EPS and revenue, with revenue up ~22% YoY and healthy margins (adjusted EBITDA margin ~43%), showing solid underlying demand and profitability. Waystar Reports First Quarter 2026 Results
• Positive Sentiment: Needham reaffirmed its Buy rating and set a $33 price target, signaling confidence in Waystar’s longer-term thesis and suggesting meaningful upside from current levels. Needham Reaffirms Buy, $33 PT
• Neutral Sentiment: Full Q1 earnings call transcript and company disclosures are available for details on revenue mix, churn, and product cadence — useful for investors who want to dig into the management commentary behind the guidance shift. Q1 2026 Earnings Call Transcript
• Neutral Sentiment: Analyst write-ups (Zacks/MarketBeat) note the beats and provide metric-level context; these analyses flag the company’s strong margin profile while highlighting investor focus on forward guidance. Waystar Reports Q1 Earnings: What Key Metrics Have to Say
• Neutral Sentiment: Coverage of Waystar’s new AltitudeAI tools suggests potential upside to data/moat and margins over time, but benefits are speculative and unlikely to offset near-term guidance concerns. Could Waystar’s New AltitudeAI Tools Quietly Redefine Its Data Moat And Margins Narrative (WAY)?
• Negative Sentiment: Management set 2026 revenue guidance of roughly $1.274B–$1.294B and shifted expected Q2 sequential growth to flat or down ~1%, signaling slower near-term cadence than some investors hoped; that cautious outlook is the main catalyst for the stock decline. Waystar signals 2026 revenue of $1.274B-$1.294B while shifting Q2 sequential growth to flat-1%

Waystar Company Profile

Waystar NASDAQ: WAY is a leading provider of cloud-based revenue cycle management and payment solutions for healthcare organizations. The company's unified platform streamlines the entire financial continuum of patient care, from eligibility verification and claim submission to payment reconciliation and patient billing. By automating key processes and improving claim accuracy, Waystar helps providers reduce administrative overhead, accelerate cash flow and enhance overall revenue performance.

At the core of Waystar's offering is a SaaS-based architecture that integrates seamlessly with existing electronic health record (EHR) systems and payer networks.

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