UPDATE: Wedbush Downgrades Investment Technology Group to Neutral

Wedbush is out with its report today on Investment Technology Group ITG, downgrading ITG to Neutral. In a note to clients, Wedbush writes, "We believe that ITG is well positioned to benefit from a return of cash equity trading volumes to growth. Nevertheless, we believe volumes are likely to remain muted through 2011, resulting in further downward consensus revisions. Therefore, we are downgrading shares to NEUTRAL from OUTPERFORM." Wedbush Lowers its PT on ITG from $20 to $15. At the time of posting, shares of ITG were trading pre-market at $13.35, down 3.33% from Wednesday's close.