UPDATE: Keefe, Bruyette & Woods Downgrades Interactive Brokers On Less Compelling Valuation

In a report published Monday, Keefe, Bruyette & Woods analyst Niamh Alexander downgraded the rating on Interactive Brokers Group, Inc. (NASDAQ: IBKR) from Outperform to Market Perform, but reiterated the $32.00 price target.

In the report, Keefe, Bruyette & Woods noted, "We downgrade Interactive Brokers Group, Inc. to Market Perform from Outperform here primarily as we are not seeing as compelling a risk reward at this valuation level. With the stock already trading above our sum of price based price target of $32, we can't get enough upside to command an Outperform rating at this time. We make no change to estimates or PT."

Interactive Brokers closed on Friday at $32.53.