Morgan Stanley analyst Michael Cyprys has maintained their neutral stance on JHG stock, giving a Hold rating yesterday.
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Michael Cyprys has given his Hold rating due to a combination of factors surrounding the acquisition proposal for Janus Henderson Group. The non-binding nature of the proposal from Trian Fund Management and General Catalyst Group Management raises concerns about the level of commitment to the deal. Additionally, the proposed acquisition price of $46 per share represents only a 10% premium over the recent closing price, which is modest compared to historical premiums seen in similar transactions.
Furthermore, the implied EBITDA multiple of 7.2x for 2026 is lower than the average multiple of 9.4x observed in other asset management deals, indicating a less favorable valuation. Despite the proposal’s assertion of a significant premium over past trading prices, the market’s reaction, with shares opening above the proposed price, suggests expectations for a higher valuation. These factors contribute to the Hold rating, as the offer does not present a compelling enough case for a more favorable recommendation.
In another report released yesterday, Goldman Sachs also maintained a Hold rating on the stock with a $48.00 price target.