Goldman Sachs analyst Marc Irizarry recently issued a report calling Janus shares expensive, and as a result, has downgraded the stock from “neutral” to “sell,” the Associated Press reports.

Irizarry noted that since the stock bottomed out at $15.50 in August, the stock has risen 35%, whereas other investment firms have risen an average of 16%. Janus shares are also trading at 32 times estimated 2006 earnings, a 45% premium to other asset managers, the analyst noted.

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