UPDATE: Keefe, Bruyette & Woods Upgrades Investment Technology On Compelling Risk/Reward

In a report published Friday, Keefe, Bruyette & Woods analyst Niamh Alexander upgraded the rating on

from Market Perform to Outperform, and reiterated the $22.00 price target. In the report, Keefe, Bruyette & Woods noted, “We upgrade ITG to Outperform from Market Perform primarily just seeing some compelling risk/reward here after a hard pullback in the stock recently that we believe followed some investors' disappointment on a failed bid for a private acquisition. The stock remains highly levered to a recovery in institutional (active or passive) equity trading volume in Europe or the US. The stock fell 16% in 2Q14 and now trades at 13X this year's EPS estimate of $1.25 or an even higher 12% free cash flow yield.” Investment Technology Group closed on Thursday at $16.99.