UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Lowers PO on MoneyGram International
In a report published Monday, Bank of America Merrill Lynch reiterated its Buy rating on MoneyGram International (NYSE: MGI), but lowered its price objective from $20.00 to $18.00.
BofA Merrill Lynch noted, “Investors can now focus on company fundamentals given a cleaner capital structure. Our Buy rating is based on expectations that the company continues to gain share in the highly fragmented money transfer market, yielding improving revenue and margin trends. We expect double-digit money transfer transaction volume growth over the next several years and expanding margins from operational efficiencies.”
MoneyGram International closed on Friday at $13.93.
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