KBW Maintains Market Perform on Investment Technology Group

KBW is out with its report today on Investment Technology Group ITG, maintaining Market Perform. In a note to clients, KBW writes, "After market close, ITG announced it is launching a cost reduction plan in 3Q11 that should decrease 2012 expenses by over $20 million or ~$0.30 per share. The release also included a profit warning guiding to adjusted 2Q11 EPS of $0.12-0.15, well below our Street-low estimate of $0.18 and consensus of $0.22." KBW maintains a $15 PT on ITG. Shares of ITG closed Tuesday at $13.69, up 2.01% from Monday's close.