In a report released today, Michael Grondahl from Northland Securities maintained a Buy rating on Moneygram International (MGI), with a price target of $7. The company’s shares closed last Monday at $5.51.
Grondahl commented:
“We were delighted to find out the version of DeltaWorks we witnessed a year ago was no longer in use and it was replaced with a new version of DeltaWorks, which was completely rolled out OUS in 2H18 and in the U.S. which was last to roll out and completed by January of 2019. In addition, an even newer and better version called AgentWorks which is web/ cloud based vs. thin client like DeltaWorks is already live in 16 countries and coming to the U.S. in 2020. We believe this was an important move for MGI and motivates agents and customers towards MGI. Some improvements to the newer version of DeltaWorks include: instead of re-entering name, address, phone number, date of birth and form of ID when a customer returns, now only the last four digits are required of the ID used to sign-up, which is typically a driver’s license.”
According to TipRanks.com, Grondahl is a 5-star analyst with an average return of 15.4% and a 56.4% success rate. Grondahl covers the Financial sector, focusing on stocks such as Front Yard Residential Corporation, Altisource Portfolio Solutions SA, and Health Insurance Innovations.
Moneygram International has an analyst consensus of Hold, with a price target consensus of $5.25.
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Based on Moneygram International’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $27.2 million. In comparison, last year the company had a net profit of $2.3 million.
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MoneyGram International, Inc. is a global payment services company, which offers global money transfers, bill payment solutions and money orders. It operates through the following business segments: Global Funds Transfer and Financial Paper Products. The Global Funds Transfer segment provides money transfer services.
