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 Report) to 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.
Our platform strategy is designed to capitalize on our unique cross-border strengths, to meet increasing demand from global consumers and businesses for fast and reliable cross-border money transfer and payment solutions. #WUInvestorDay— Western Union (@WesternUnion) September 24, 2019
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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