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UPDATE: Goldman Sachs Downgrades Janus Capital Group to Sell on Flow Outlook

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Goldman Sachs reduced its rating on Janus Capital Group (NYSE: JNS) from Neutral to Sell and lowered its price target from $8 to $7.

Goldman Sachs noted, "We expect JNS shares to underperform given: (1) Soft relative equity fund performance and tougher INTECH performance comparisons suggest more outflows; (2) pressure on revenues and op. margin from negative performance fees; and (3) we see multiple compression as investors refocus on soft fundamentals as technical tailwind from Dai-ichi's purchase of a 20% stake rolls off. We lower our 2012/2013/2014 EPS estimates to $0.56/$0.53/$0.60 from $0.56/$0.60/$0.71 on modest flow/margin expectations, 9-15% below consensus."

Janus Capital Group closed at $8.20 on Friday.

Latest Ratings for JNS

DateFirmActionFromTo
Dec 2014Keefe Bruyette & WoodsMaintainsMarket Perform
Oct 2014Keefe Bruyette & WoodsMaintainsMarket Perform
Oct 2014Credit SuisseMaintainsUnderperform

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Posted-In: Goldman SachsAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

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