UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on FXCM

In a report published Wednesday, Citigroup reiterated its Neutral rating on FXCM

, and slightly raised its price target from $10.00 to $11.00. Citigroup noted, “Though we raise our adjusted EPS estimates and target $1, we affirm our Neutral rating as: 1) we believe consensus estimates for 2013-14 remain heavily at risk, even after we lifted our forecast; and, 2) we believe the ST revenue outlook remains challenging given sustained/declining currency volatility and low rates. Finally, given mixed execution track record to date, we believe investors will need to see tangible step up in EPS growth to assign a more competitive multiple. Management is focused heavily on EBITDA leverage, but such a lift is not translating to the bottom line (even as deals and WL and institutional initiatives season).” FXCM closed on Tuesday at $10.09.