UPDATE: Citigroup Downgrades Janus Capital Group to Sell on Structural and Valuation Issues
Citigroup downgraded Janus Capital Group (NYSE: JNS) from Neutral to Sell, price target lowered from $8.00 to $7.75.
Citigroup commented, "Three reasons: 1) we think investors are overly sanguine on JNS's flow recovery prospects, with 4Q reinforcing many challenges for the franchise; 2) despite headline beat, underlying operating leverage remains elusive (and still disappointing on a core basis) – a trend likely to persist into 2013-14, we believe, even as markets trend higher; and, 3) valuation mismatch, particularly given limited strategic flexibility and platform positioning."
Janus Capital Group closed at $9.65 on Thursday.
Latest Ratings for JNS
|Oct 2014||Bank of America||Maintains||Neutral|
|Oct 2014||JP Morgan||Maintains||Underweight|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.