Piper Jaffray Boosts Price Target on Western Union (WU) to $32
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Piper Jaffray raises its price target on Western Union (NYSE: WU) from $30 to $32, reiterating their Buy rating, following solid results from the company.
Piper also increased their 08/09/10 EPS estimates to $1.33, $1.58, $1.84 from $1.29, $1.52, $1.78.
Piper noted that strength of Western Union's global business model is evident in pricing power in an economic slowdown as revenue growth outpaced transaction growth both domestically and internationally.
Shares of Western Union are up 8.1% today to $27.10, leaving 18% upside to Piper's new $32 price target.
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