UPDATE: D.A. Davidson Downgrades Western Union Company to Underperform, Lowers PT

In a report published Wednesday, D.A. Davidson & Co. downgraded its rating on The Western Union Company

from Neutral to Underperform, and lowered its price target from $18.00 to $15.00. D.A. Davidson noted, “Given the deteriorating outlook, WU shares are likely to be under pressure for the next few quarters so we are lowering our rating from Neutral to UNDERPERFORM. We are cutting our estimates, which also drops our price target from $18 to $15. Our new target represents an unchanged 2013 EV/EBITDA multiple of 8x and P/E of 10x.” The Western Union Company closed on Tuesday at $17.93.