UPDATE: Susquehanna Lowers PT on WisdomTree Investments Following 3Q13 Earnings Preview

In a report published Wednesday, Susquehanna International Group analyst Doug Sipkin reiterated a Neutral rating on WisdomTree Investments (NASDAQ: WETF), but lowered the price target from $13.00 to $12.00.

In the report, Susquehanna International Group noted, “We are leaving our 3Q13 estimate unchanged at $0.09. Our full-year estimates are now $0.33 and $0.48 compared to $0.35 and $0.56, previously. The revision reflects weakness in DXJ this month (down 5%) and modestly lower flow expectations through 2014. We are assuming 10% organic growth on average over the next five quarters. Our full-year AUM estimates for 2013 and 2014 are now $32.1 billion and $37.6 billion, respectively. WETF should have $1.2 billion of flow this quarter with an estimated 57% coming from DXJ. Operating margins should be down marginally from last quarter reflective of a pickup in occupancy-related expenses. Our revised target is $12 reflective of lower expected AUM and earnings and some incremental risk related to competition. Our target multiple is 5.3% of AUM.”

WisdomTree Investments closed on Tuesday at $10.88.