Goldman Sachs downgraded payment services company The Western
) to "Neutral" Monday.
The firm has downgraded WU from a "Buy" rating to a "Neutral"
rating, and currently has a price target of $14 for the company.
This price target suggests a 12% increase over the stock's current
price of $12.26.
An analyst from the firm commented, "We are downgrading WU to
Neutral from Buy given our revised and now negative 2013 outlook.
Specifically, we now expect macro pressure and plans to implement
price reductions in key corridors to fend off competition, as well
as operating investments to result in a 2013 operating income
decline of 10%-15% yoy vs. our previous growth forecast.
Accordingly, we have reduced our 2013/2014 EPS forecast by over
Western Union shares were up 29 cents, or 2.43% on Monday
afternoon. The stock is down 32.94% year to date.
The Western Union Company(
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.0 out of 5 stars.
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, as well as a detailed explanation of
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