UPDATE: Stifel Initiates Coverage On Western Union On Struggle To Find Bull Case

In a report published Tuesday, Stifel analyst Christopher Brendler initiated coverage on

with a Hold rating. In the report, Stifel noted, “In our view, WU has unparalleled competitive advantages in the global remittance market with a truly global presence, enviable brand, and an unmatched compliance infrastructure. However, new tech-enabled players and traditional competitors alike are targeting WU's customers with lower priced options that are driving secular pricing pressure. With compliance/marketing adding to operating margin pressure, we struggle to find a bull case despite an attractive valuation, shareholder-friendly FCF distribution, and clear progress in 2014. As such, we rate the shares Hold.” Western Union closed on Monday at $17.76.