UPDATE: Goldman Sachs Initiates Coverage on Artisan Partners Asset Management with Neutral Rating, $37 PT on Valuation

In a report published Monday, Goldman Sachs analyst Marc Irizarry initiated coverage on Artisan Partners Asset Management (NYSE: APAM) with a Neutral rating and $37.00 price target.In the report, “We initiate coverage of Artisan Partners Asset Management (APAM) with a Neutral rating and 12-month price target of $37 (6% downside). APAM is a $74 bn active equity manager with a solid performance and flow track record. The firm's 5 autonomous teams generate differentiated US and global equity portfolios, positioning APAM well as active manager selectivity rises and demand for global strategies grows. While APAM, in our view, is among the best ways to gain exposure to equities and its 4% dividend yield is tempting, valuation (at 17X) already bakes in a strong flow and equity market move post the stock's 32% gains since the IPO.”Artisan Partners Asset Management closed on Thursday at $39.45.