Nomura Securities Maintains a 'Neutral' on Western Union (WU); Top-Line Beat

Nomura Securities maintains a 'Neutral' on Western Union Co. (NYSE: WU) price target of $19.00.

Analyst, Bill Carcache, said, "Western Union reported GAAP EPS of $0.40, in line with our (and consensus) estimates. Higher-than-expected revenues were offset by higher-than-expected operating expenses...The company maintained its EPS guidance of $1.65-$1.70 per share for full-year 2012. Based on these results, we continue to believe management has set the bar low enough to meet expectations over the next several quarters. Management maintained its revenue and operating margin guidance."

"We expect the investment community to be focused on: (1) an update on each of the top-line issues the company highlighted last quarter (i.e., the revenue challenges in the Russian, Southern Europe, Southwest US, and Chinese corridors), (2) what the trajectory for margins looks like in the near term, and (3) any thoughts around the recent management changes at MoneyGram (NYSE: MGI) and what it means for the competitive environment."

For an analyst ratings summary and ratings history on Western Union Co. click here. For more ratings news on Western Union Co. click here.

Shares of Western Union Co. closed at $17.95 yesterday.

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