UPDATE: Jefferies Initiates Western Union at Buy

Jefferies is out with its report today on Western Union WU, initiating WU at Buy. In a note to clients, Jefferies writes, "We are positive on WU because: 1) we like the new CEO's strategy and emerging track record, 2) more of WU's substantial cash flow is being returned to shareholders, 3) we find its current valuation attractive. Further evidence of improved execution and EPS growth acceleration should enable multiple expansion." Jefferies maintains a $24 PT on WU. Shares of WU closed Monday at $19.35.