UPDATE: Keefe, Bruyette & Woods Initiates Coverage On FXCM As Risks Are Not Fully Reflected

In a report published Wednesday, Keefe, Bruyette & Woods analyst Niamh Alexander initiated coverage on FXCM Inc (NYSE: FXCM) with an Underperform rating and $15.00 price target.

In the report, Keefe, Bruyette & Woods noted, “We initiate coverage with an Underperform rating and a 12-month price target of $15. We like how management is strategically moving to higher-value, higher-turnover accounts. However, we see risk that the price cuts and account closures through this transition are not yet fully reflected in consensus estimates or the stock price.”

FXCM Inc closed on Tuesday at $16.03.