Bank of America Maintains Neutral on Western Union After 10-Q Release

Bank of America has published a research report on Western Union

after the company released its 10-Q filing yesterday. In the report, Bank of America writes, "In its 10-Q filing released yesterday, Western Union disclosed that it has received a federal subpoena from the US Attorney's Office for the Central District of California seeking information related to Shen Zhou International, a former WU agent. Shen Zhou was indicted in 2010 for money laundering and is currently awaiting trial. WU had already been cooperating with the government to provide information, according to the company. Concurrent with the subpoena, the government notified WU that is a target of an ongoing federal investigation into structuring and money laundering. WU is uncertain if the two events are related. According to the company, it has not been provided details about the investigation, so it is unable to currently judge its significance." Bank of America maintains its Neutral rating and $20 price objective on Western Union, which is currently trading down $0.29 from yesterday's $18.43 closing price.