UPDATE: Citigroup Raises Target on Western Union to $24

Citigroup reiterates its Buy rating on Western Union (NYSE: WU) and raises its price target by $1 to $24 a share as 2012 outlook on the company is likely conservative.

Citigroup says, "WU delivered relatively in-line 4Q11 results but also provided what looks like a conservative initial guidance – we note this has proven to be the case the last two years (table inside on page 3). For WU, there are clearly macro risks to consider – but even so, we see areas of potential upside to the initial guide"

WU closed at $19.70 a share on Tuesday.