UPDATE: Credit Suisse Initiates Outperform, PT of $23 on MoneyGram International

Credit Suisse initiates its coverage on MoneyGram International

with an Outperform rating and a $23 price target as the company makes progress under new management. Credit Suisse says, "As a result of poor investment decisions in its money order and official check float businesses, MoneyGram came close to the brink during the crisis. Under new management, we believe that MGI has made good progress, growing revenue, cutting costs, and restructuring its balance sheet. Over the next couple of years, we expect MoneyGram to build on its recent success, growing revenue at a high-single to low-double-digit pace, and reflecting cost-cutting, operating leverage and deleveraging, EPS in the 25% range." MGI closed at $17.50 yesterday.