Citi Upgrades JNS to Hold

Citi has upgraded Janus Capital Group JNS to a Hold Rating.

Citi writes, "Upgrade to Hold from Sell; maintain $12 target — With the stock down 15% since mid-January, lagging the SPX by ~1,200 bps and peers by ~1,000 bps , we see the risk/reward more balanced. We also believe investors are asymmetrically discounting a "worst case” scenario for performance fees which, based on our analysis, seems extreme given AUM mix/performance metrics."

JNS has a $12 PT and closed at $11.67 yesterday.