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.
Neil Anderson, Managing Editor
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