Janus Henderson initiated with a Sell at UBS

UBS analyst Adam Beatty initiated coverage of Janus Henderson with a Sell rating and $25 price target. The performance outlook of the company’s largest funds remains mixed, and outflows this year and next will continue while Janus remains subscale in key growth areas such as ETFs and alternatives, the analyst tells investors in a research note. The firm says the stock’s recent re-rating understates the near-term headwinds and long-term challenges for Janus.