UPDATE: Stifel Nicolaus Initiates Buy, $15 PT on Manning & Napier

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Stifel Nicolaus initiates its coverage on Manning & Napier
MN
as the company demonstrates an ability to provide competitive long-term returns over full market cycles. Stifel Nicolaus notes, "With the company's unique direct sales platform that effectively penetrates the high net worth, retirement, and small case institutional market, MN produces above-average operating margins and organic growth over time. The company's track record for product innovation and solutions-based mindset contribute to value-added services and improved client retention." MN closed at $12.86 per share on Tuesday.
Posted In: InitiationPre-Market OutlookMarketsAnalyst RatingsStifel Nicolaus
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