BofA analyst Craig Siegenthaler upgraded Janus Henderson (JHG) to Buy from Neutral with a price target of $43, down from $57. The firm cites weakness in the company’s Horizon Biotech Fund year-to-date, which contributed a majority of its absolute return fund performance fees in Q4, for the target cut. However, Janus Henderson’s management fee rate trend is stable and hasn’t declined with negative mix shift, the analyst tells investors in a research note. The firm also also anticipates that stronger fixed income flows will benefit the company through bond reallocations. BofA is also “impressed” by Janus Henderson CEO’s early results and the company’s ability to attract top talent.
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