In a note issued Monday morning, Morgan Stanley analyst Thomas Whitehead upgraded shares of Janus Capital Group Inc (NYSE: JNS) from Underweight to Equal-weight and raised the price target from $11.50 to $18.
In light of the news that Bill Gross will be joining the team, Whitehead commented, "We believe the hire of Bill Gross is a landmark moment for JNS, strengthening the franchise and could potentially further shift investor sentiment towards the stock."
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As part of the team, Gross will be involved with managing the firm's Global Unconstrained Bond Fund, building out global macro fixed income strategies and directing the firm's asset allocation.
Whitehead added, "We believe Gross's presence pushes the company meaningfully closer towards achieving its long-term strategy of Intelligent Diversification."
Upon release of the news, the Street sent Janus's stock soaring up 43 percent on Friday. However, it appears that this may have been slightly overdone as the stock was trading ~2.5 percent lower in Monday's pre-market session.
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