NEW YORK (AP) -- Shares of Artisan Partners Asset Management Inc. fell Tuesday after a Citigroup Research analyst lowered his rating on the investment firm. He said investors appear to have discounted the stock's attractiveness after a sharp jump since Artisan Partners went public in early March.
The shares dipped 5 cents to $49.47 in midday trading while the broader markets rallied.
Although the firm's earnings likely will continue to grow with the rising stock market, the market's advance looks to be moderating, analyst William Katz wrote in a note. He downgraded the stock to "Neutral" from "Buy."
Shares of Milwaukee-based Artisan Partners, which had $83.2 billion in assets under management as of March 31, have soared about 65 percent since the initial public offering on March 7.
The firm reported first-quarter revenue of $148.2 million, up from $119.7 million in the first quarter of 2012.
Katz maintained at $47 his 12-month price target for Artisan Partners shares. He lowered slightly his estimate for 2013 earnings to $2.41 per share from $2.45. Analysts expect $2.42 per share, on average, according to a survey by FactSet.