UPDATE: Citi Downgrades FXCM to Sell (FXCM)

Citi is out with its report today on FXCM (NASDAQ: FXCM), downgrading shares of FXCM from Hold to Sell.

In a note to clients, Citi writes, "We are reducing our investment opinion from an already non-consensus Hold to Sell, lowering our well below 'Street' EPS estimates sharply, and reducing our 12-month price target $5.50 to $7, or ~10x our revised 2012 forecast following: 1) disappointing 1Q results on 5/16; and, 2) equally mixed post quarter call."

Shares of FXCM closed Monday at $9.97, down 16.64% from Friday's close.