UPDATE: KBW Downgrades GFI Group to Market Perform

KBW is out with its report today on GFI Group GFIG, downgrading GFIG from Outperform to Market Perform. In its report, KBW writes, "We downgrade GFIG to Market Perform from Outperform, with 13% upside to our new 12-month price target of $5, 13.5X our lower 2012 EPS estimate of $0.37. While the stock trades relatively inexpensively at EV-to-NTM EBITDA of ~4.5X, we don't see a catalyst for upside revenue or EPS surprise over the next two to four quarters nor do we model significant cost reductions." Shares of GFIG closed Friday at $4.54, down 4.82% from Thursday's close.