Wells Fargo Upgrades Janus Capital (JNS) to Outperform; Raising Estimates And Range

Wells Fargo upgraded Janus Capital (NYSE: JNS) from Market Perform to Outperform. Valuation range raised from $12-13 to $14-15.

Wells analyst says, "First, we believe that net outflows from INTECH funds are likely to decelerate in future quarters and could potentially turn positive, based on recent improved performance metrics. Second, the company has the potential to benefit from stronger performance fees in future periods as more funds become eligible to earn fees. Third, the shares trade at a deep discount to the peer group (14.0x 2011 First Call consensus estimate, compared to 16.6x, on average, for asset management peers. We are raising our 2011 EPS estimate from $0.90 to $0.92 and our 2012 EPS estimates from $1.08 to $1.10, primarily due to higher average assets throughout our forecast period."

For more ratings news on Janus Capital click here and for the rating history of Janus Capital click here.

Shares of Janus Capital closed at $12.47 yesterday.

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