Deutsche Bank Reiterates Buy Rating, $19 PT on Western Union Company on Attractive Valuation

In a report published Friday, Deutsche Bank reiterated its Buy rating and $19.00 price target on Western Union Company

. Deutsche Bank noted, “We recently met with Khalid Fellahi, SVP and GM for WU's Digital business, who highlighted accelerated growth opportunities in the online and mobile channels. With 80% of WU.com customers new to the franchise and 90% of transactions representing new payouts (gaining wallet share), we see new growth opportunities developing for the WU franchise. Khalid highlighted that all key metrics for WU.com are improving/accelerating. We believe WU is on track to see transaction growth accelerate in both WU's core money transfer and Internet transfer businesses in 2013, followed by positive revenue growth and margin expansion in 2014. Given the attractive valuation, we reiterate our Buy rating and $19TP.” Western Union Company closed on Thursday at $13.90.