JPMorgan upgraded Janus Henderson (JHG) to Overweight from Neutral with a price target of $53, up from $44. The firm sees Janus as the turnaround story in traditional asset management. The company’s CEO Ali Dibadj is taking a number of steps to upgrade, improve, fix and refocus Janus into a company that is winning share in traditional asset management, while leveraging its strong balance sheet to acquire new capabilities and distribution, the analyst tells investors in a research note. JPMorgan’s previous concerns over a falling performance fees outlook, weaker December and January performance, a lack of margin expansion as Janus invests, and the closing of biotech are mitigated by accelerating exchange traded fund flows, improving institutional flows, a solid longer-term performance track record, and Janus Henderson’s buildout of new products.
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