UPDATE: Bank of America Merrill Lynch Lowers PO on Janus Capital Group to $11

Bank of America Merrill Lynch is out with its report today on Janus Capital Group

, lowering its PO from $14 to $11. In a note to clients, Bank of America Merrill Lynch writes, "We are lowering our estimates and price objective to reflect continued underperformance which in turn could mean JNS earnings decline in 2012 while those of peers rise. The firm is facing up to $55m. ($0.15 EPS) in negative performance fees, we believe, due to relative underperformance on key funds." Shares of JNS closed Wednesday at $9.75