In a report released today, Reuben Garner from Benchmark Co. reiterated a Buy rating on Janus International Group (JBI – Research Report), with a price target of $17.00.
Reuben Garner recommended a Buy rating for Janus International Group based on several key factors. His confidence in the company is primarily driven by its strong third quarter performance, which not only beat expectations but also saw an increase in forecasts. Despite prevailing market concerns, Janus management reassured investors with a robust pipeline and backlog, along with strong average customer spending rates. Garner also highlights an expected normalization process in the commercial business, which he believes will prove less cyclical than currently anticipated by the market.
Garner also points out several promising aspects of Janus’ operations. He notes the company’s resilience in the self-storage market, and anticipates a potential re-rating as the private equity overhang dissipates. Additionally, Janus’ keen focus on M&A activities, supported by solid revenue growth, is seen as a strategy for strategic growth. Furthermore, Garner is encouraged by the larger order received by Nokē, a Janus subsidiary, and its partnership with AWS to boost productivity. Despite his disappointment with the stock’s reaction, Garner remains optimistic about Janus’ future, given its strong financial performance and smaller private equity overhang.
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Janus International Group (JBI) Company Description:
Juniper Industrial Holdings Inc is a blank check company.
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