TD upgrades Janus Henderson to Buy on better fund performance fees

TD Cowen upgraded Janus Henderson to Buy from Hold with a price target of $37, up from $34. The firm’s analysis suggests Janus is “on the cusp” of shifting from negative to positive mutual fund performance fees. This would remove a multi-year earnings drag and result in upward surprise to consensus, the analyst tells investors in a research note. The firm is encouraged by the company’s relative flow dynamics, ongoing capital return and negative sell-side sentiment.