Janus Henderson initiated with a Market Perform at TD Cowen

TD Cowen analyst Bill Katz initiated coverage of Janus Henderson with a Market Perform rating and $30 price target. The company’s new management continues to right size and reallocate the platform to drive better organic growth, but it will “take time to fully season”, the analyst tells investors in a research note. Janus Henderson’s equity centricity makes it well levered to a sustained equities rally, with improving balance sheet flexibility, the firm added.