J.P. Morgan Lowers MF Global PT To $10, Maintains Overweight (MF)

J.P. Morgan lowered its MF Global MF price target to $10 from $11 and maintained MF Global's Overweight rating in a research report published today. In the report, J.P Morgan states, "MF reported F3Q11 EPS of $0.03, below our $0.04 estimate. MF continues to be in transition with meaningful efforts to diversify its revenue base while moving from a broker to a Broker/Dealer in six months and to an IB model in 3-5 years. So while the quarter wasn't great and MF is still not making that much money, mgmt continues to make progress at remaking MF. We maintain our Overweight, but remove MF from the J.P. Morgan U.S. Equity Analyst Focus List. Our 12/11 price target drops to $10." In the report, MF Global shares were at $8.29 in after hours trading at the time of posting, down 0.79% from Thursday's market close.