UPDATE: Citigroup Reiterates Neutral Rating, Removes PT on Janus Capital Group

In a report published Monday, Citigroup reiterated its Neutral rating on Janus Capital Group

, but removed its $7.00 price target. Citigroup noted, “We expect a mixed 3Q12 update as: 1) the flow discussion is likely to remain difficult but perhaps easing given the recent performance of equity markets; and, 2) rolling three year performance trends still appear difficult, keeping pressure on performance fees. Separately, we believe management will provide further details into the strategic partnership with Dai-ichi. Per SEC filings through 9/28, Dai-ichi owns 7% or roughly half way to 15% to 20% purchase target.” Janus Capital Group closed on Friday at $9.46.