Piper Jaffray Discontinues Coverage on Investment Tech Group (ITG)

Piper Jaffray is out with a research report this morning, where it discontinues coverage on Investment Tech Group ITG; it recently had an Underweight rating and $15.00 price target on the stock. The analysts said, “We are discontinuing coverage of Investment Technology Group due to a realignment of analyst resources.” They added, “Investors should no longer rely on our last published rating, price target, model, or estimates on Investment Technology Group, as they will not be updated following the discontinuation of coverage date.” ITG is an agency-trading firm that also provides institutions with trading tools and software, allowing them to analyze trading activity to determine ways to reduce explicit and implicit transaction costs.