BofA/Merrill Lynch Downgrades MoneyGram International (MGI) to Neutral

In a reported dated Oct. 31, BofA/Merrill Lynch downgraded MoneyGram International (NASDAQ: MGI) from Buy to Neutral with a price target of $10.00 (from $19.00).

Analyst Sara Gubins said the competition from Wal-Mart is simply too big to ignore.

The firm cut FY 2014 EPS from $1.32 to $1.10, FY 2015 EPS from $1.36 to $0.93 and FY 2016 EPS from $1.49 to $1.02.

For an analyst ratings summary and ratings history on MoneyGram International click here. For more ratings news on MoneyGram International click here.

Shares of MoneyGram International closed at $8.60 yesterday.

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