UPDATE: J.P. Morgan Reiterates Overweight Rating, Lowers PT on Investment Technology Group
In a report published Friday, J.P. Morgan & Co. reiterated its Overweight rating on Investment Technology Group (NYSE: ITG), but slightly lowered its price target from $12.00 to $11.00.
J.P. Morgan noted, “ITG reported adjusted EPS of $0.05, $0.04 below our and consensus estimates. Low volumes in the U.S. and abroad contributed to weaker revenues and margin compression. The company is managing expenses in light of the challenging environment and is buying back stock while the stock is down. We believe ITG is well positioned if and when volumes recover, and think that the company's strong balance sheet and unencumbered cash will help it navigate these trying times.”
Investment Technology Group closed on Thursday at $8.25.
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