Deutsche Bank Starts Western Union Co. (WU) at Hold; Remittance Volumes Stable

Deutsche Bank initiates coverage on Western Union Co. (NYSE: WU) with a Hold. PT $19.00.

Deutsche analyst says, "WU is the global leader for money transfer firms, with a growing presence in business cross-border payments. Due to the soft economic backdrop, we do not see any signs of an acceleration of remittance volumes. Although we find WU’s valuation attractive, we will wait for more concrete signs of a turn in the fundamentals. Taking a more conservative view on the 2012 recovery and factoring in the Travelex dilution, we are estimating 2012 EPS of $1.65 (below Street estimate of $1.72)."

For more ratings news on Western Union Co. click here and for the rating history of Western Union Co. click here.

Shares of Western Union Co. closed at $15.28 yesterday.

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