J.P. Morgan Maintains Price Target On Janus Capital

According to J.P. Morgan, Janus Capital Group JNS reported 2Q EPS of $0.23, missing our estimate by a penny in part due to higher investment losses. J.P. Morgan said that Janus disclosed proforma impact of performance fees on earnings, leaving no room for analyst misinterpretation of the revenue impact. “We maintain a 12/11 PT of $9, but with the impact of perf. fees out, debate on Janus turns to duration and the impact of severe equity fund underperformance over the last year.” Janus Capital Group closed yesterday at $9.22.