Citi analyst Nigel Pittaway upgraded Janus Henderson Group to Buy from Neutral with a A$42.10 price target following the company's Q4 earnings release. Pittaway said that the underlying trends in the company's Q4 require a little "teasing out," but on doing so there are plenty of positives to observe, despite the negative headline net outflows. The analyst raised his EPS estimates for Janus for fiscal 2020 and fiscal 2021, noting that Janus is now trading at a little under 9x FY20 EPS, investment performance is "strong," management fee margin is stabilizing or increasing and performance fees are set to materially improve.