UPDATE: Goldman Sachs Upgrades Stifel Financial to Buy, Ups PT to $37

Goldman Sachs raises its rating on Stifel Financial SF to Buy from Neutral and raises its price target up $6 to $37 on exposure to fee-based business as well as higher volumes. Goldman Sachs notes, "Stifel has many of the characteristics we prefer for 2012 – nearly all of its revenues are US based, it has exposure to fee-based income versus a reliance on trading activity owing to its wealth management, bank, and investment bank, and it has been an active user of its equity for niche-acquisitions which we expect to continue as it searches for growth. Risks include lower equity markets or inability to hire." SF closed at $32.49 per share on Friday.