Piper Jaffray steps to sidelines on Moneygram

|By:, SA News Editor

Piper Jaffray cuts its rating on Moneygram International (MGI -3.9%) to Neutral from Overweight and reduces its PT to $20 from $23.

The firm cited the expectation that Moneygram's margins could come under pressure as price cuts take hold and the prepaid card provider faces compliance requirements.