UPDATE: J.P. Morgan Raising Price Target on FXCM

J.P. Morgan Chase & Co. is out with a research report on FXCM

and it is raising its price target to $19 from $17, and it has an Overweight rating on shares. In a note to clients, J.P. Morgan Chase & Co. writes, "We are removing FXCM from J.P. Morgan's US Analyst Focus List. With the company reporting both record retail and institutional trading volume and the impressive metrics around its more recent acquisition, we think investors have begun to see the earnings potential for FXCM. We maintain our Overweight rating, and establish a December 2012 price target of $19, 12.5X our 2013 estimate of $1.50. Although we remove FXCM from the US Analyst Focus List, it remains our favorite long term investment idea." Shares of FXCM lost 22 cents yesterday to close at $13.70.