UPDATE: J.P. Morgan Reiterates Neutral Rating, $17 PT on Moneygram International
In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating and $17.00 price target on Moneygram International (NYSE: MGI).
J.P. Morgan noted, “We rate MGI shares Neutral as we believe upside from higher growth will be balanced by overhangs from WMT contract and high insider ownership: (1) Expansion of agent network will create a network effect in the core remittance service business, and will also add defensiveness to the company's business model; (2) Above average growth in a fragmented market along with solid margin expansion potential; (3) WMT concentration and high insider ownership could limit stock upside.”
Moneygram International closed on Friday at $12.34.
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