Jefferies Cuts Price Target on Janus Capital (JNS) to $14 After Meeting with Management
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Jefferies maintained a Hold rating on Janus Capital (NYSE: JNS), and cut the price target to $14.00 (from $16.00), after meeting with both Janus and Henderson management. One of the clear take-aways from the meetings is that the cost of being a global investment management firm is rising. In addition, barriers to entry in new markets on an organic basis are also rising. Both mgmt teams highlighted the desire to grow outside of their core domestic markets.
Analyst Daniel Fannon commented, "Earlier this week we spent time with the CEOs of both Janus and Henderson discussing the merits of the proposed merger of equals. With limited product overlap and increasing regulatory and compliance pressures globally, combining these two firms makes strategic sense in an effort to be more relevant to global distributors and institutional clients."
Shares of Janus Capital closed at $13.23 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Janus Capital, Definitive Agreement
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