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Janus Capital Group Inc. fell as much as 6.6 percent after analyst Robert Lee at Keefe, Bruyette & Woods Inc. lowered his rating on the Denver- based money manager.
Lee downgraded Janus to “market perform” from “outperform.”
“We think weak equity markets and increased volatility will further delay any recovery in equity flows,” he wrote in a research note. Lee cut his estimate for the stock 12 months from today to $12 from $17 a share.
