UPDATE: Goldman Sachs Downgrades Western Union to Neutral on Negative 2013 Outlook
Goldman Sachs reduced its rating on Western Union (NYSE: WU) from Buy to Neutral and lowered its price target from $22 to $14.
Goldman Sachs said, "We are downgrading WU to Neutral from Buy given our revised and now negative 2013 outlook. Specifically, we now expect macro pressure and plans to implement price reductions in key corridors to fend off competition, as well as operating investments to result in a 2013 operating income decline of 10%-15% yoy vs. our previous growth forecast. Accordingly, we have reduced our 2013/2014 EPS forecast by over 20%."
Western Union closed at $12.73 on Wednesday.
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Tags: Goldman Sachs