Janus Henderson upgraded to Buy from Neutral at UBS

UBS analyst Brennan Hawken upgraded Janus Henderson (JHG) to Buy from Neutral with a price target of $50, up from $45. The firm says early signs of business improvement have begun to show in the company’s key performance indicators, such as an inflection in net flow, a stable management fee rate, and expanding operating margins. Despite broader industry headwinds, Janus Henderson is on a “unique growth path” due to its differentiated product offerings and strength in the retail channel, which should drive sustained, positive organic growth over the coming years, the analyst tells investors in a research note. UBS finds the shares as “reasonably priced” given Janus Henderson’s potential for double-digit earnings growth.