UPDATE: Goldman Sachs Initiates Wisdom Tree at Buy with $9 PT on Market Share Gains

Goldman Sachs initiates its coverage on Wisdom Tree

with a Buy rating and a price target of $9. Goldman Sachs comments, "We view WETF as a rarity in Financials: a growth stock with ample runway for 30%+ revenue and EBIT growth amid 20% annual industry growth in ETF assets. We believe investors underappreciate and undervalue: (1) the firm's sector-leading organic growth profile, driven by differentiated “nontraditional” ETFs; (2) the scalability of WETF's model and powerful margin expansion potential; and (3) the scarcity value in owning the only public pure-play ETF manager ($15bn in AuM), with a valuable asset in exemptive relief for active ETFs." WETF closed at $6.44 on Thursday.