Goldman said it is upgrading Investment Technology Group (ITG) to Neutral from Sell based on valuation. Stock down 19% since January, and now trades at 14 times 2008 earnings estimate. Note slowing U.S. equity volumes and increasing competition. Price target at $45.

Investment Tech. Group (ITG) was downgraded to Market Perform, Keefe, Bruyette & Woods said. Company had a strong first quarter, but will struggle to keep outperforming throughout the year.

Hedge-fund manager D.E. Shaw & Co. cut its holdings to about 1.54 million shares (3.5%), from the 4.4 million (9.9%) reported in September 2007.

D.E. Shaw & Co. raised its stake to 4.4 million shares (9.9%) from the 3.43 million (7.7%) it had reported possessing on Sept. 12.

4.8

may be bought

From Barron's 6-18-07:

D.E. Shaw Laminar Portfolios said it wants the company to evaluate strategic alternatives. Shaw urged the board to consider a sale of some or all of ITG's businesses to a strategic or financial buyer. D.E. Shaw owns about 2.73 million shares (6.2%).

"...acquiring Investment Technology Group would be more strategic because its main asset is a broker-neutral trading platform. ITG is mulling setting up an equities trading platform in Europe."

Upgraded by JP Morgan from Neutral to Overweight

I am short and the chart is looking bullish.