) 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.