Huang told investors that "1Q was challenged by macro headwinds and the suspension of services in Russia and Belarus, with revenue contracting 1%, below expectations." Meanwhile, Citigroup's Ashwin Shirvaikar downgraded the stock to Neutral from Buy, cutting the price target to $20 from $23. Shirvaikar said the prior upgrade "never quite got off the ground" and that "some recent developments either add risk or push out the story." "It is better to move to the sidelines and see what specific actions management outlines at the analyst day," added Shirvaikar. Finally, Truist analyst Andrew Jeffrey wrote in a note that "Western Union has waited too long to refocus its retail business and will be challenged to grow its digital channel at attractive unit economics given intense competition." "We are not convinced that tweaking its retail model will be sufficient after a period in which competitors, like Euronet, have invested aggressively to expand, especially in critical Receive markets," he wrote.