Equity research analysts at Jefferies have upgraded asset manager Henderson Group (LON:HGG) to 'hold' from 'underperform' in light of the proposed merger with Janus.
"Our pre-merger valuation increases from 172p to 207.5p with the NPV of Henderson's share of synergies and associated restructuring charge contributing a further c.30p.
"With a 10.3p dividend due, there is insufficient downside to the current price to warrant an Underperform rating."
The broker's price target has been upped to 238 pence per share (from 172 pence).
At 2:43pm: (LON:HGG) Henderson Group PLC share price was -3.95p at 266.75p