JP Morgan Lowers PT on Investment Technology Group to $15

JP Morgan has published a research report on Investment Technology Group

and has lowered the price target from $16.50 to $15. In the report, JP Morgan writes, "ITG reported November average daily volume of 182.8mn shares, 6.8% lower MoM. While volumes fell much less at ITG than they did for the market, success continues to come from sell-side and market on close volume, which generates much lower revenue than ITG's more typical buy-side business. Based on lower volumes in the US and internationally, despite higher market share in both regions, we are lowering estimates for 4Q11. While our forward numbers are largely intact, we lower our Dec-12 price target to $15 from $16.50, accounting for both the lower volumes and our valuation for ITG." JP Morgan maintains its Overweight rating on Investment Technology Group, which is currently trading down $0.28 from yesterday's $11.38 closing price.