UPDATE: KBW Upgrading Investment Technology Group

KBW is upgrading shares of Investment Technology Group ITG to Market Perform, and it has a $15 price target on shares. In a note to clients, KBW writes, "We upgrade ITG to Market Perform from Underperform. At 3.1X EV-to-EBITDA and P/BV of 0.6X and with the stock down over 30% since the end of February, we see limited further downside, though we do not expect a turn in earnings power yet. We lower 2Q11, 2011 and 2012 EPS estimates to $0.18, $0.80, and $1.22 from $0.21, $0.89 and $1.26 and maintain our $15 price target." Shares of ITG lost 28 cents yesterday to close at $13.53, a loss of 2%.