UPDATE: Citi Upgrades FXCM; Raises PT

According to a research report published today, Citi has upgraded FXCM Inc. FXCM from Neutral to Buy, and raises PT from $10 to $15. Citi said in the report, “We raise our rating from Neutral to Buy as we see a number of key catalysts including: 1) favorable inflection in institutional trading as pricing pressure dissipates and customer migration to FXCM platform accelerates; 2) rising deal probability as industry consolidation likely further heats up; 3) more attractive risk/reward, even after solid bounce on 3/14 post 4Q earnings – as: a) recent shareholder selling is complete; b) improving business mix and higher sector valuations should improve target multiple; and, c) nearly 25% short interest suggests particularly acute negative sentiment.” FXCM closed yesterday at $11.78.