UPDATE: Keefe, Bruyette & Woods Initiates Coverage on FXCM with Underperform Rating, $15 PT as Risks are Not Fully Reflected

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In a report published Wednesday, Keefe, Bruyette & Woods analyst Niamh Alexander initiated coverage on
FXCMFXCM
with an Underperform rating and $15.00 price target. In the report, Keefe, Bruyette & Woods noted, “We initiate coverage with an Underperform rating and a 12-month price target of $15. We like how management is strategically moving to higher-value, higher-turnover accounts. However, we see risk that the price cuts and account closures through this transition are not yet fully reflected in consensus estimates or the stock price.” FXCM closed on Tuesday at $16.03.
Posted In: Analyst ColorInitiationAnalyst RatingsBruyette & WoodsKeefeNiamh Alexander
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