UPDATE: JP Morgan Raises PT to $8.50 on Janus Capital Group Despite Underperformance

JP Morgan reiterated Janus Capital Group

at Underweight and raised the price target from $8.00 to $8.50. JP Morgan noted, "We look to evaluate our Underweight rating on Janus in the context of improved equity market conditions and some reengagement by US investors in domestic equity funds. Our conclusion is that the Underweight rating is still appropriate. Although Janus remains heavily weighted in equities in strong equity market conditions, Janus is not experiencing the full benefit in AUM growth due to underperformance of the ‘growth' equity investment style, further hurt by fund underperformance. While Intech and fixed income products are performing better, it is not enough to offset the underperformance elsewhere and we think redemptions will persist." Janus Capital Group closed at $9.53 on Friday.