UPDATE: Keefe, Bruyette & Woods Reiterates On Janus Capital Group Inc As Bill Gross Joins The Firm

In a report published Monday, Keefe, Bruyette & Woods analyst Robert Lee reiterated a Market Perform rating on

, but lowered the price target from $17.00 to $13.00. In the report, Keefe, Bruyette & Woods noted, “In what can only be described as a shock, on Friday, JNS announced that PIMCO fixed income investing icon Bill Gross will be joining the firm on 9/29, and, effective 10/6, will begin managing the Janus Global Unconstrained Bond Fund from a new Newport Beach office. The company indicated that Gross is receiving no special compensation package or upfront payment.” Janus Capital Group Inc closed on Friday at $15.89.