UPDATE: Bank of America Initiates Coverage on Artisan Partners Asset Management with Neutral Rating, $39 PT on Rapid Growth, Large Dividend

In a report published Monday, Bank of America analyst Cynthia Mayer initiated coverage on Artisan Partners Asset Management

with a Neutral rating and $39.00 price target. In the report, Mayer noted, “We are initiating coverage of Artisan Partners Asset Management with a Neutral rating and $39 price objective. While we are positive on APAM's prospects for growth and 4%+ dividend, the recent run-up in shares supports a Neutral rating. APAM represents a fast-growing, mid-sized equity manager with a unique model, consisting of five distinct investment teams managing 12 strategies. Strong investment performance has yielded above average organic growth of 10% and asset growth of >20% in the last year, to $79.5bn., while a focus on high-fee global and US strategies has supported 40% margins.” Artisan Partners Asset Management closed on Thursday at $39.45.