Western Union initiated with a Market Perform at BMO Capital

BMO Capital analyst Rufus Hone initiated coverage of Western Union with a Market Perform rating and $12 price target. The analyst views the company’s turnaround as a “show-me” story. Following a decade of slowly eroding revenue, faster declines in operating income and more recent market share losses, investors should wait for more evidence of durable revenue growth, particularly once easier prior-year comps are lapped, the analyst tells investors in a research note.