UPDATE: Bank of America Upgrades Janus Capital Group

According to a research report published this morning, Bank of America has upgraded Janus Capital Group

from Underperform to Neutral. Bank of America commented in the report, "We are upgrading JNS to Neutral from Underperform following recent underperformance; shares now have 15% upside potential to our PO. We believe fundamentals remain mixed, with improving performance but also outflows and negative performance fees are likely to pressure EPS through 2013. That said, JNS is a potential beneficiary of a US equity rally, given 85% of its AUM is in equity." Bank of America maintains its $8.50 PT on Janus Capital Group, which is currently trading at $7.41.