UPDATE: KBW Upgrades BGC to Outperform

KBW is out with its report today on BGC

, upgrading BGCP from Market Perform to Outperform. In its report, KBW writes, "With almost 30% upside to our new $8 price target and almost 40% including the $0.68 annual dividend, we upgrade BGCP to OP from MP. Our $8 price target is an implied 9X our 2012 EPS estimate of $0.87, lower than BGCP's historical median multiple of 10-11X, and BGCP is currently trading significantly below peer inter-dealer broker multiples. We think BGCP's acquisitive strategy should drive earnings growth." At the time of posting, shares of BGCP were trading at $6.40, up 2.24% from Thursday's close.