UPDATE: Jefferies Downgrades Western Union to Hold on Weak Outlook

Jefferies reduced its rating on Western Union

from Buy to Hold and lowered its price target from $23 to $15. Jefferies commented, "Following last night's very disappointing outlook, we are downgrading shares to Hold from Buy. The sudden loss of visibility, planned pricing cuts, and significant '13 estimate reductions all represent a hit to credibility which we believe will be challenging to recover from in the near-term. Deteriorating fundamentals and execution are likely to put a lid on the valuation multiple; Board should consider bolder actions, in our view." Western Union closed at $12.88 on Wednesday.