UPDATE: Deutsche Bank Upgrades The Western Union Company to Buy, Raises PT
In a report published Monday, Deutsche Bank upgraded its rating on The Western Union Company (NYSE: WU) from Hold to Buy, and raised its price target from $14.00 to $19.00.
Deutsche Bank noted, “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. At our new TP of $19, we believe WU's valuation is attractive at 11.7x our CY14 estimate of $1.63.”
The Western Union Company closed on Friday at $14.38.
Latest Ratings for WU
|Sep 2014||Sterne Agee||Initiates Coverage on||Neutral|
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