Western Union Downgraded by Goldman Sachs (WU)


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Goldman Sachs downgraded payment services company The Western Union Company( WU ) 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 20%."

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( WU ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Stocks

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