UPDATE: J.P. Morgan Lowers PT on Knight Capital to $14.50

J.P. Morgan is out with its report today on Knight Capital

, lowering its PT from $15.50 to $14.50. In a note to clients, J.P. Morgan writes, "We lower our 2011 and 2012 estimates due to lower than expected retail trading activity in June and ongoing weakness in retail trading. Equity markets performed poorly in June, before recovering somewhat towards the end of the month. With persistent weakness in equity markets in 3QTD and VIX averaging 6.1% lower in 2Q11 versus 1Q11, we lower our estimates for the second time in a month. Our 2Q11 falls to $0.20 from $0.26. We maintain our Neutral rating and lower our December 2011 price target to $14.50 (previously $15.50)." Shares of KCG closed Monday at $10.35, down 2.36% from Friday's close.