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Fly News Breaks for August 23, 2016
PAYX, WU
Aug 23, 2016 | 09:04 EDT
Morgan Stanley analysts led by Danyal Hussain continues to see downside Western Union (WU) and Paychex (PAYX). The analyst expects revenue growth to be pressured by rising competition and said Western Union has the most risk given diminished network advantages in cash money transfer, an increasing transition to online transfers, and a rising tax rate in coming years. Hussain said Paychex is exposed to rising competition given its premium pricing and margin profile, and premium valuation. The analyst has an Underweight rating on both stocks.
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