Needham & Company Downgrades Manning & Napier (MN) to Hold

Needham & Company downgraded Manning & Napier (NYSE: MN) from Buy to Hold as asset outflows pressure AUM.

Analyst Mayank Tandon commented, "Manning & Napier reported disappointing 1Q results, driven by another quarter of net asset outflows and decreasing AUM. Revenue was slightly below consensus as AUM fell 4.6% sequentially to $45.6 billion (a $2.2. billion decrease from 4Q). AUM was impacted mainly by net asset outflows of $2.6 billion, which was partially offset by $400 million of market appreciation. We are lowering our CY15 and CY16 estimates to reflect recent pressure on AUM, and we believe that asset outflows may persist in the near-to-medium term. As such, we are downgrading shares of MN to HOLD."

For an analyst ratings summary and ratings history on Manning & Napier click here. For more ratings news on Manning & Napier click here.

Shares of Manning & Napier closed at $12.01 yesterday.

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