Shares of Western Union (WU) - Get Report rose on Friday after the former wire-telegram now electronic-payments and financial  services company received an upgrade recommendation from analysts at Guggenheim Partners. 

Shares of the Denver-based payment and money transfer processor were up 1.74% at $22.83 in morning trading on Friday after Guggenheim Securities analyst Jeff Cantwell raised his rating on the company to buy from neutral and set a one-year price target of $27, a 20% increase from its closing price on Thursday.

Western Union earlier this month announced it had teamed up with online retail giant Amazon.com  (AMZN) - Get Reportto launch Amazon PayCode - a way for shoppers to pay for their online purchases in cash at one of Western Union's 15,000 U.S. locations.

Amazon PayCode will be rolling out to U.S. customers over the next few weeks; it's already offered in 19 countries across the globe.

Up until it discontinued the service in 2006, Western Union was globally the best-known American company in the business of exchanging telegrams.

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