UPDATE: ISI Lowers CME Group's PT

According to a research report published this morning, ISI has lowered CME Group's (NASDAQ: CME) PT from $285 to $275.

In the report, ISI commented, "However, we view core EPS power at ~$3.90 ex a 1-time tax benefit partially offset by ~$0.05 of 1-time expenses. Overall, the quarter was slightly weaker than expected on revenue, driven mostly by a lower RPC of $0.0811 vs. our $0.818 estimate. Also, operating expenses were 3% higher than expected, mostly on higher seasonal comp. However, the expense outlook for 2012 indicated by mgmt is also higher than we expected given the current volume backdrop, & combined with weak volumes into 2Q so far, we revise estimates down again & see 5%+ misses to Consensus in 2Q-4Q12."

ISI maintains its Hold rating on CME Group, which is currently trading at $271.68.