UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on WisdomTree Investments Following Strong 2013 Start

In a report published Friday, Piper Jaffray analyst Michael J. Grondahl reiterated an Overweight rating on WisdomTree Investments

, and raised the price target from $12.50 to $15.50. In the report, Grondahl noted, “WETF has clearly enjoyed a strong start to 2Q13 with QTD net inflows of $2.8B after $5.9B in 1Q13. This has been primarily driven by strength of its Japan Hedged Equity Fund (DXJ), which has ~$6.0B of net inflows YTD. We are marking our model to market to reflect YTD performance, and raising our 2013E ending AUM to $32.0B from $30.1B. Based on a conservative avg fee of 53 bps (54 bps avg YTD), we are raising our 2013E and 2014E revenue to $150.8M from $144.1M and $186.1M from $185.3M, respectively. Furthermore, our revised 2013 and 2014 EPS of $0.34 and $0.36 is up from $0.32 and $0.35, respectively. We are raising our PT to $15.50 from $12.50 based on 5.8% 2014E ending AUM of $37.5B. Reiterate Overweight.” WisdomTree Investments closed on Thursday at $13.09.