J.P. Morgan has cut its rating on Janus Capital's stock from overweight to neutral due to the recent uptick in the Denver fund firm's share price, MarketWatch reports.

"While we like the trends at Janus, we'd rather advise investors to hold than buy given the volatility in equity markets," said MarketWatch's Sam Mamudi quotes JPMorgan analyst Ken Worthington as saying. "If markets continue to melt-up we think Janus will outperform, but we don't have the same downside protection based on the intrinsic value of the assets when the stock was at the $4 level."

J.P. Morgan had previously given Janus a $7 per share target. The stock went up from Friday's closing price of $5.46 to $7.04 on Monday. On Wednesday, the stock closed at $6.82.

Worthington has now upped the price target for Janus to $8 a share. 

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