Western Union price target raised to $13 from $12 at JPMorgan

JPMorgan raised the firm’s price target on Western Union to $13 from $12 and keeps an Underweight rating on the shares. Similar to last quarter, Western Union reported Q2 results that were primarily driven by the unusual benefit from Iraq policy changes, the analyst tells investors in a research note. Underlying business performance drivers trended in the right direction, particularly on transaction growth inflecting positive excluding Iraq, but the Iraq boost was the primary catalyst for the guidance upgrade, says the firm. It continues to view the company’s turnaround as “tricky.”