Western Union price target lowered to $7 from $9 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Western Union (WU) to $7 from $9 and keeps an Underweight rating on the shares. In what the firm calls “an increasingly negative macro/political environment,” Q2 results exhibited weaker trends in North America, especially in the U.S. to Mexico corridor. The firm sees challenges to durably improving the growth profile of the business and contends that the weaker macro backdrop and an intensifying competitive environment reinforces an Underweight view.