Goldman Sachs On WU 1Q11 Results

Goldman Sachs has issued a report adjusting its model following the 1Q11 results from Western Union WU. According to the report, "Following 1Q11 results, we have adjusted our model to reflect the $0.02 beat vs. our $0.33 EPS estimate, a faster pace of share buybacks ($525 mn in 1Q vs. our $175 mn estimate), and our higher revenue growth estimate for CY11, now set at 4% from 2%. Consistent with these changes we have raised our CY11E EPS by 3% to $1.51 (+8% yoy). For CY12E and CY13E we retain our revenue growth forecast of +4% and +5%, respectively." WU has a Neutral Rating and a $21 Price Target. WU closed at $21.53 a share yesterday.