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Merrill Downgrades Janus Capital to 'Neutral'

Merrill Lynch downgraded Janus Capital Group (JNS) to neutral from buy.

Analyst Guy Moszkowski says he downgraded Janus after carefully considering the allegations surrounding the market timing issue of mutual-funds trading, and the disclosure of firm's August-ending assets under management, which he says are disappointing.

Mozkowski thinks the investigation by the New York attorney general could be lengthy, keeping a lid on share performance for some time. Despite the shares being inexpensive, he believes there's too many near-term issues for him to be a buyer. He says some long-term buyers may find the shares attractive, as Janus contains many elements of a turnaround.

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