TD Cowen on Janus Henderson Group (JHG): 'Bit Surprised On How The Stock Is Trading'

TD Cowen analyst Bill Katz reiterated a Buy rating and $55.00 price target on Janus Henderson Group (NYSE: JHG).

The analyst commented: "Start The "Go Shop" Clocks; $46 Take-Out Price Still Seems Low; Post 11/10 market close, JHG announced the board's independent Special Committee to evaluate Trian's non binding purchase at $46/share (see 10/27) hired GS as its financial advisor and Wachtell, Lipton et al as its legal counsel. We remain in the camp that the initial offer from Trian remains low. We believe the development likely starts a "Go Shop" period. Affirm Buy.

Bit Surprised On How The Stock Is Trading - After initially bouncing beyond the $46 nonbinding offer, the stock is now trading just under $44. It seems the stock is now trading on event/arb desks rather than across fundamental desks, creating a tactical opportunity we believe. While we don't have line of sight on whether a deal would get consummated, the $46 still feels more like a floor to us than a ceiling. Using 11/10 closing price, JHG is trading at just 6.6x EV/('26E) EBITDA multiple, seemingly quite attractive given 3-4% LT organic growth potential into the new year, with generally favorable lead tactical/strategic indicators. Affirm Buy."

For an analyst ratings summary and ratings history on Janus Henderson Group click here. For more ratings news on Janus Henderson Group click here.

Shares of Janus Henderson Group closed at $43.77 yesterday.

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