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Rating:Janus' Shares Fall After an Analyst's Downgrade Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, June 30, 2010

Janus' Shares Fall After an Analyst's Downgrade

News summary by MFWire's editors

Janus Capital Group had a rough Tuesday. Is it a preview of things to come for other publicly traded mutual fund firms? The Denver Post reports that Keefe, Bruyette & Woods analyst Robert Lee yesterday downgraded the Denver-based fund firm from outperform to market perform and cut his 12-month share price estimate from $17 to $12.

"We think weak equity markets and increased volatility will further delay any recovery in equity flows," Lee reportedly wrote in a research note.

As the markets fell 2.65 percent yesterday, Janus dipped 7.5 percent (6.6 percent of that, according to the Post, after Lee's note). And Lee's worries about equity markets, increased volatility and fund flows could impact other fund firms, too. MarketWatch's April Lee reports that Robert Lee also lowered his outperform rating for Artio Global Investors to market perform.

At Tuesday's $9 per share price, Janus' current market cap is $1.65 billion. 

Edited by: Neil Anderson, Managing Editor

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