J.P. Morgan Raises PT on Investment Technology Group to $15 (ITG)

J.P. Morgan is out with its report today on Investment Technology Group ITG, raising its price target from $14.50 to $15. In a note to clients, J.P. Morgan writes, "ITG reported 4Q10 EPS of $0.04, $0.11 excluding one-time items, and $0.17 excluding severance and contingency reserves. Business conditions remain challenging, with revenue in its U.S. operations falling 13% YoY. However, ITG's non-U.S. business performed admirably, with revenues up 3% YoY. We increase our 12/11 price target to $15.00 based on a multiple of 12X our 2012 estimate of $1.24. We value ITG at the low end of where the group has historically traded. Our prior $14.50 price target was based on 11x our prior 2012 EPS estimate of $1.31." Shares of ITG closed Thursday at $17.70, down 4.84% from Wednesday's close.