UPDATE: Deutsche Bank Upgrades Western Union to Buy on Sentiment Turnaround
Deutsche Bank upgraded Western Union (NYSE: WU) from Hold to Buy and raised the price target from $14.00 to $19.00.
Deutsche Bank said, "Although sentiment remains negative on WU, we see a market setting up well for a WU turnaround. The macro environment appears to have bottomed globally and vols should begin to accelerate. Recent US housing starts bode well for migrant employment opportunities in construction (large migrant transfer base). Additionally, the increased likelihood of US immigration reform (WU a long-time supporter) augurs well for WU to see increased vol. With WU resetting its strategy, we expect transaction vols to begin increasing and share gains to follow."
Western Union closed at $14.38 on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.