UPDATE: Jefferies Initiates Janus Capital Group at Buy

Jefferies is out with its report today on Janus Capital Group

, initiating JNS at Buy. In its report, Jefferies writes, "We are initiating coverage of JNS with a Buy rating and an $8 price target. Amongst our coverage universe, this is the most speculative name given its large retail equity exposure as well as recent investment under performance. The stock is down approx. 49% YTD and we believe is currently receiving virtually no credit for the value of its subsidiaries, overall retail brand and steadily improving balance sheet." Shares of JNS closed Thursday at $6.59, down 0.45% from Wednesday's close.