J.P. Morgan Not Overly Confident On Western Union

According to J.P. Morgan, Western Union WU expects its combined B2B revenue to grow at a 10% CAGR over the next three years. J.P. Morgan said that it is not overly positive or negative on the announced Travelex B2B (TGBP) acquisition, but give management the benefit of the doubt that it can profitably scale up the B2B cross-border payment business to become a critical new growth channel long-term. “We maintain our OW rating.” Western Union closed yesterday at $20.24.