Janus downgraded to Hold from Buy at Jefferies

Jefferies analyst Philip Ng downgraded Janus (JBI) to Hold from Buy with a price target of $7.50, down from $12. The firm says visibility is low with Janus slashing its guidance in back to back quarters, with the company seeing project delays while its non-institutional customers have been under pressure. The firm believes Janus over-earned during COVID with its profitability re-basing much lower than anticipated.