UPDATE: Credit Suisse Reiterates Underperform Rating, Lowers PT on FXCM on Cut 2015 Estimates

In a report published Tuesday, Credit Suisse analyst Ashley N. Serrao reiterated an Underperform rating on

, but lowered the price target from $4.00 to $3.75. In the report, Credit Suisse noted, “Last night FXCM put out an official press release detailing the terms of the Leucadia deal, but did not provide a financial update. All in, we view the deal as better than expected in the context of the precariousness of their situation but there remains significant uncertainty around the future of the franchise and the FX industry as a whole. Specifically, we expect regulators globally to up the ante and lower leverage limits and even hike capital requirements.” FXCM closed on Friday at $12.63.