NEW YORK – Western Union Co. , which facilitates long-distance money transfers between consumers and businesses, could see its shares rise to the low $20 range in the next few years, according to a Barron's report.
In its May 13 edition, Barron's cited a recent reduction in Western Union's rates as a catalyst for growth. It also said that business could expand as unemployment levels fall around the world, citing Ariel Investment analyst James Kenney.
"No one is better positioned to benefit from this long-term secular trend," the paper quoted Kenney who sees Western Union shares rising to the low $20 range in the next few years.
It also said that Deutsche Bank Securities analyst Bryan Keane expects a 2 percent increase in revenue next year in Western Union's consumer-to-consumer business and a 7 percent rise in business-to-business revenue.
(Reporting By Sinead Carew; Editing by Maureen Bavdek)