Morgan Stanley Starts Coverage on Western Union (WU)
Morgan Stanley reported on Wednesday that it has begun coverage of payment services company, The Western Union Company (WU).
The firm has initiated coverage of WU with an “Equal Weight” rating.
Analyst Smittipon Srethapramote noted, “drivers of the underlying remittance market remain positive, but WU’s growth outlook is impaired by intensifying competition and share losses in key corridors that could destabilize WU’s position as the premium priced provider. Despite the stock’s recent run-up, valuation remains low. Low Street expectations leave room for upside surprises.”
Western Union shares were mostly flat during Wednesday morning trading. The stock is up 26% YTD.
The Bottom Line
Shares of The Western Union Company (WU) have a 2.92% yield, based on Wednesday morning’s price of $17.12.
The Western Union Company (WU) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.
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