UPDATE: Credit Suisse Reiterates Neutral Rating, Raises PT on The Western Union Company

In a report published Wednesday, Credit Suisse reiterated its Neutral rating on The Western Union Company

, and slightly raised its price target from $19.00 to $20.00. Credit Suisse noted, “WU reported 3Q results that exceeded our adj. EPS estimates ($0.46 vs. our $0.44) but modestly missed our revenue projections. More importantly, the company lowered its 2012 outlook (citing weaker macro and more competition) and talked down 2013 prospects. WU acknowledged it is losing share to traditional and new competitors and is implementing a new strategy which includes significant pricing concessions (from 1 pt. of revenue to ~5 pts. in 2013) and yet additional restructuring. Despite the restructuring, margins are expected to decline sharply in 13. WU experienced a deceleration in revenue/transaction growth across all corridors (ex-westernunion.com transactions) in 3Q.” The Western Union Company closed on Tuesday at $17.93.