Keefe, Bruyette & Woods Upgrades FXCM

A day after reiterating FXCM Inc FXCM at Underperform, Keefe, Bruyette & Woods has upgraded the stock and lowered its price target to $1.50. Tuesday's 87 percent decline, which was the first time the stock traded since being halted last Friday, may have been enough of an adjustment for the firm to change views.

In Tuesday's note, Keefe, Bruyette & Woods mentioned that the financing deal that FXCM and Leucadia struck would enable FXCM to get back to normal operations; however, the analysts were concerned that FXCM would see lower customer activity.

Shares of FXCM recently traded at $1.68, up 5 percent in Wednesday's premarket.