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On Monday, Goldman Sachs upgraded its rating on Janus Henderson Group (NYSE:JHG) to Neutral, with price target of $45.00.
The firm's analysts recognized Janus Henderson's strengthening organic growth profile and a more optimistic outlook for performance fees. They also noted the company's robust balance sheet, which supports potential inorganic expansion and the ability to return capital to shareholders.
The investment firm's improved stance is attributed to several factors. Analysts pointed out that Janus Henderson is seeing a broadening of inflow sources into its Active ETF lineup, particularly highlighting the success of JAAA. Additionally, there are rising opportunities in Fixed Income and Multi-asset segments, bolstered by strong investment performance.
The analysts also cited the effective integration of recent acquisitions and partnerships, including those with Victory Park Capital, Tabula Investment Management, and NBK Capital Partners (WA:CPAP), as instrumental in supporting organic growth. These strategic moves are expected to contribute positively to Janus Henderson's business trajectory.
Goldman Sachs' price target of $45 is based on a valuation multiple of 12 times the projected earnings for the next four quarters (Q5-Q8 Price-to-Earnings) or 7.8 times the Enterprise Value to Earnings Before Interest, Taxes, Depreciation, and Amortization ratio. This valuation reflects the firm's measured confidence in Janus Henderson's financial outlook and market position
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