Western Union initiated with a Neutral at Citi

Citi analyst Bryan Keane initiated coverage of Western Union (WU) with a Neutral rating and $9 price target Western Union continues to modernize, but recent performance has been impacted by heightened immigration oversight and the broader transition of remittance toward the digital sphere, the analyst tells investors. The firm sees what is likely to be “an elongated timeframe” to unlock synergies tied to the acquisition of Intermex as policy headwinds ultimately alleviate, the analyst added.