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Guggenheim foresees 'multiple years' of double-digit EPS growth at Western Union

Guggenheim Securities analyst Jeff Cantwell upgraded Western Union Co., calling it "an under-appreciated company with multiple years of potential double-digit EPS growth in its future."

Cantwell is "increasingly optimistic" on the company's consumer-to-consumer and business-to-business segments, with the former generating the majority of the company's revenue. He also viewed favorably Western Union's decision to cut headcount by 10% and a commitment to bring agent commissions down over time.

Revenues at the company should increase by 2% to 3% annually over the next three years.

Cantwell raised the rating to "buy" from "neutral." His EPS estimates are $1.75 for 2019 and $1.98 for 2020.