Western Union Co. (WU) PT Raised to $23 at JPMorgan After Opening the Companys Platform to 3rd Party Development

JPMorgan analyst Tien-tsin Huang raised the price target on Western Union Co. (NYSE: WU) to $23.00 (from $22.00) after attending WU’s Investor Day where there was positive enthusiasm around plans to 1) open up the company's platform to 3rd parties for new use cases and 2) expand margins by 3ppt.

The analyst stated "We’ve long called for WU to pursue either strategy, and believe WU had resisted doing either in fear of cannibalizing the core. So it came as a surprise to us that they’d do both at the same time, which seems like a lot of weight to lift using muscles they've never used before, so we remain on the sideline with a wait-and-watch view". No change to the Overweight rating.

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