UPDATE: Jefferies Lowers PT on Western Union to $23

Jefferies remains Buy-rated on Western Union (NYSE: WU) on an in-line Q4 but lowers its price by $1 to $23 a share as guidance comes in modestly light.

Jefferies comments, "4Q was generally in line, but with initial '12 guidance modestly light (top-line a little softer and no EBIT margin expansion), we expect shares of WU to trade lower tomorrow. We would use this as a buying opportunity because: 1) return of cash to shareholders should be robust again this year, 2) mgmt remains committed to post-'12 margin expansion, 3) significant growth is projected for the digital business, 4) attractive valuation."

WU closed at $19.70 a share on Tuesday.