UPDATE: Jefferies Cuts Target on GFI Group to $5.50

UPDATE: Jefferies lowers its target price on Buy-rated GFI Group (NYSEL GFIF) to $5.50, down $1, as the company misses operating results below expectations for Q4. Jefferies says, "GFIG reported 4Q results $0.13 below our estimate. With sustainable revenue growth remaining a challenge, the restructuring efforts that GFIG has undertaken should provide some offset. That said, 2012 is off to a decent start with total revenues tracking up 5-6%. However, we expect to see more expense diligence if the revenue environment remains uncertain." GFIF closed at $4.77 a share on Thursday.