UPDATE: J.P. Morgan Upgrades Janus Capital to Neutral

According to J.P. Morgan, Janus Capital JNS is upgraded to Neutral. J.P. Morgan said that it upgrades Janus to Neutral due to strong equity market returns in 2012TD, with particularly strong returns in growth investing, and a meaningful improvement in relative performance. Price target is raised to $8.50. “Janus trades at 10.5X our 2013E of $0.71, a deserved discount to peers given its track record over the past 18 months.” Janus Capital closed yesterday at $7.40.