Dai-ichi, Protective deal removes bullish Janus argument, says Citigroup Citigroup believes Dai-ichi Life's buyout of Protective Life (PL) removes one of the key bullish arguments for Janus Capital (JNS) since Dai-ichi owns nearly a 20% stake in Janus and now a possible takeout is less likely. Citi says the Protective Life deal takes away the majority of Dai-ichi's $7B cash position. The firm keeps a Sell rating on Janus with a $9 price target.
Follow-up: Janus Capital downgraded to Sell at Citigroup Citigroup downgraded Janus Capital to Sell from Neutral citing margin pressure and its belief the market is too optimistic on Bill Gross-related inflows. Citi lowered its price target for shares to $12.50 from $14.50 following the company's Q3 results.