J.P. Morgan Lowers EPS Estimate, Maintains Neutral Rating On ITG

J.P. Morgan announced a reduction in its 2011 EPS estimate from $1.05 to $1.02 based upon tapering volumes toward the end of the quarter but maintain a Neutral rating on Investment Technology Group ITG. In the report, J.P. Morgan writes, “We had expected March volumes to decline after a big January and a reasonable February. However, the fall was slightly more than we expected…ITG's big international markets such as Australia, Hong Kong and Europe did particularly well in the first two months of the quarter. However, they did not keep up the momentum in March and we have adjusted our estimates based on reduced growth expectations from their international markets.” ITG closed at $18.06 on Friday.