According to a Reuters report on Tuesday, Waystar has hired investment bank Evercore to explore strategic options, including a potential sale.
- RBC Capital maintains an ‘Outperform’ rating and $44 price target on Waystar, according to The Fly.
- RBC picked Oracle as its first choice as a potential acquirer.
- Evercore ISI said exploring a deal makes sense for Waystar, given the stock’s roughly 24% decline this year.
Waystar (WAY) shares jumped more than 8% on Tuesday after a report said the healthcare software company is exploring a potential sale, with RBC Capital naming Oracle (ORCL) as the “obvious first name” among potential strategic buyers.
According to a Reuters report on Tuesday, Waystar has hired investment bank Evercore to explore strategic options, including a potential sale. The process is still in its early stages, and there is no guarantee a deal will happen, the report added.
A sale could return Waystar to private ownership roughly two years after its 2024 market debut. Waystar provides software that helps hospitals and doctors manage payments and automate administrative work.
According to Fiscal.ai, Canada Pension Plan Investment Board, BCPE Derby (De) SPV, and EQT are the three top shareholders.
RBC Highlights Potential Acquirers
RBC analyst Ryan Halsted said the number of sources cited in the Reuters report gives it credibility and expects Waystar shares to move higher following the news. The analyst said private-market valuations for healthcare software companies have remained stronger than public-market valuations, potentially making Waystar an attractive acquisition target.
RBC added that while private-equity firms could be potential buyers, the list of potential strategic acquirers is relatively short. RBC called Oracle the “obvious first name,” followed by UnitedHealth Group’s (UNH) Optum. However, it noted that Optum could face regulatory scrutiny, while Oracle is already focused on heavy spending and debt related to its AI expansion.
RBC Capital maintains an ‘Outperform’ rating and $44 price target on Waystar, according to The Fly. This implies a 64% upside potential from current levels.
Evercore Says Sale Would Make Sense
Evercore ISI called the report “surprising” but said exploring a deal makes sense given Waystar’s roughly 24% decline this year.
The firm said management could be looking for ways to maximize shareholder value following the stock’s weakness. Evercore maintained an ‘Outperform’ rating and $28 price target.
Retail’s Take On WAY
Retail sentiment surrounding WAY on Stocktwits remained in the ‘bearish’ zone over the past 24 hours.
WAY stock has slid almost 18% in 2026.
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