UPDATE: JP Morgan Lowers PT on Investment Technology Group from $16.50 to $16

J.P. Morgan has published a report on Investment Technology Group ITG lowering the price target by $.50. In the report, J.P. Morgan wrote, "ITG reported 2Q11 EPS of $0.14, in line with its 7/12 preannouncement. The results were disappointing, reflecting challenging market conditions and a strategy to offer full service brokerage that is too new and small to yet have a stabilizing impact." J.P. Morgan rated Investment Technology Group an Overweight with a price target reduced from $16.50 to $16.00. Investment Technology Group closed Thursday at $11.12.