UPDATE: J.P. Morgan Maintains Neutral Rating, Lowers PT for Janus Capital Group

In a report published earlier today, J.P. Morgan & Co. maintained its Neutral rating for Janus Capital Group, Inc.

, but lowered its price target from $9.50 to $8.50. J.P. Morgan went on to say “we think most of the bad news seems priced into Janus' stock price and with equity markets surging early in the year, Janus is poised to benefit due to its equity funds bias if markets improve. If markets conditions remain strong, Janus could benefit due to higher earnings and with it the trading multiple could move closer to the peer group average. We rate Janus Neutral as we believe that the stock has now emerged as a case of balanced risks – strong equity markets could carry a high beta stock like Janus with it, but if relative performance does not stay strong during the year, redemptions could continue and the stock could underperform peers.” Janus Capital Group, Inc. closed at $7.74 yesterday.