UPDATE: J.P. Morgan Reiterates Neutral Rating, $17 PT on Moneygram International

In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating and $17.00 price target on Moneygram International MGI. J.P. Morgan noted, “We rate MGI shares Neutral as we believe upside from higher growth will be balanced by overhangs from WMT contract and high insider ownership: (1) Expansion of agent network will create a network effect in the core remittance service business, and will also add defensiveness to the company's business model; (2) Above average growth in a fragmented market along with solid margin expansion potential; (3) WMT concentration and high insider ownership could limit stock upside.” Moneygram International closed on Friday at $12.34.