UPDATE: Goldman Sachs Downgrades Western Union to Sell on Pricing Pressures, Sluggish Model

Goldman Sachs downgraded Western Union Company (The)

from Neutral to Sell and lowered the price target from $14.00 to $12.00. Goldman Sachs commented, "We downgrade WU to Sell from Neutral as we believe that some of the pricing and competitive pressure discussed by management during their 3Q12 results could be structural in nature. We have lowered our margin assumptions significantly, moreover, as we believe that both the price compression in its core remittance business and lackluster growth in its B2B business will weigh on the company's near-term margin profile." Western Union closed at $13.67 on Tuesday.