UPDATE: J.P. Morgan Lowers Price Target on Investment Technology Group to $13
According to J.P. Morgan, Investment Technology Group (NYSE: ITG) price target is lowered to $13.
J.P. Morgan said that ITG reported a poor 4Q with adj. EPS of $0.07, $0.03 below estimate. “We lower our forward estimates as ITG continues to hurt due to an increasing bias of sell-siders in the trading mix in a particularly weak volume environment. Expenses are not falling at a pace commiserate with the pressure on revenue. As a result, we lower our 12/12 price target to $13 which is now derived based on 2X our estimated 2013 EBITDA.”
Investment Technology Group closed yesterday at $11.07.
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