UPDATE: JP Morgan Downgrades Western Union to Neutral on Limited Catalysts

JP Morgan reduced its rating on Western Union

from Overweight to Neutral but increased its price target from $20 to $21. JP Morgan commented, "We are downgrading WU shares to Neutral from Overweight despite peer low valuation, because we see limited near-term catalysts to boost EPS or valuation sentiment. Stock is 14% below the price when we upgraded the stock back on Oct. 14, 2008, underperforming the S&P 500 as the forward multiple has contracted from 14x to 10x even with a dividend yield of 2%." Western Union closed at $17.65 on Friday.