JHG - Credit Suisse upgrades Janus Henderson on revised estimates repositioning traction

2023-05-08 12:37:28 ET

• Credit Suisse upgraded Janus Henderson ( NYSE: JHG ) to Neutral from Underperform to reflect revised earnings estimates, the stock's recent pullback as well as ongoing repositioning in the institutional and intermediary channels.
• "We believe JHG over-earned in Q1 and the flow print was both elevated and driven mostly by rather low fee rates," said analyst Bill Katz. "Our revised estimates are more aligned with the Street; total return is in line with key peers with the stock pulling back to current levels; and we're encouraged that its repositioning should help bolster organic growth over the intermediate term."
• Credit Suisse raised 2023/2024 EPS estimates for Janus ( JHG ) to $2.10/$2.21 from $2.06/$2.09 ($2.19/$2.40 consensus ), reflecting higher assets under management.
• Price target was hiked to $23 from $22 (13.4% potential downside to JHG's last close) to reflect revised 2024 EPS estimate.
• Credit Suisse's views are in line with SA Quant's Hold rating , while Wall Street analysts are largely bearish on the stock .
• Now read - Janus Henderson: Multiple Value Creation Levers (Rating Upgrade)

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