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MoneyGram stock jumps on analyst upgrade, UAE partnership

The money transfer service teamed up with First Abu Dhabi Bank’s digital wallet, payit

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Analyst Mike Grondahl set a price target of $5.50, more than 150% higher than its Tuesday close

MoneyGram International Inc (NASDAQ:MGI) is riding high after Northland upgraded the stock Wednesday to Outperform from Market Perform, according to a report on TheFly.com.

Analyst Mike Grondahl set a price target of $5.50, more than 150% higher than Tuesday's closing price.

Shares of the money transfer service jumped 7.4% to $2.33. Wednesday afternoon.

The Dallas-based company has also teamed up with First Abu Dhabi Bank’s digital wallet, payit, the first such wallet in the United Arab Emirates. The collaboration gives payit access to MoneyGram’s global network and 50 million users, the company announced Tuesday.

People in the United Arab Emirates send more than $44 billion in payments in 2017, and 80% of the country’s population has a smartphone, according to data from the World Bank and the Newzoo Global Market report, respectively.

"We're excited to partner with payit to better serve UAE's growing population by providing the safest and easiest cross-border money transfer service in the industry," CEO and Chairman Alex Holmes said.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Moneygram International Inc

Price: 1.27 USD

NASDAQ:MGI
Market: NASDAQ
Market Cap: $80.56 m
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