According to J.P. Morgan, Western Union's WU first quarter earnings were on track with its originally estimated figures.
J.P. Morgan explains, “1Q organic revenue growth was inline at 4% (vs. JPMe 4%), with most corridor trends essentially inline with our estimates.” Core C2B trends improved which came as a pleasant surprise. J.P. Morgan suggests, “We also believe core C2B drove margin expansion in the overall ‘business solutions' segment (from 13.3% in 4Q10 to 16.5% in 1Q11), implying Custom House continued to operate at high operating loss (potentially in 20s).”
J.P. Morgan maintains its Overweight rating and $24 PT on Western Union.
Western Union is currently trading at $21.01.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in