JPMorgan analyst Michael Mueller initiates coverage on Janus Living (NASDAQ: JAN) with a Overweight rating and a price target of $26.00.

The analyst comments: "We are initiating coverage of Janus Living (JAN) with an Overweight rating and a $26 Dec-26 price target. Our rating largely stems from a few factors. First, we see the stock as being well positioned to deliver outsized internal and external growth compared to what we expect for our overall REIT coverage universe. We expect near-term internal growth to be in the low-double digits, roughly 3-4x what we are forecasting for the overall REIT group, as the senior housing (operating) segment continues to enjoy significant tailwinds. External growth potential is also significant, as Janus began its post-IPO life with a completely unleveraged balance sheet and $900 million+ of cash on hand to deploy into acquisitions. This combination provides a very unique setup in the overall REIT space."

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Shares of Janus Living closed at $2.23 yesterday.