On Monday, shares of WisdomTree Investments (WETF, Market Perform) have bounced back to $11.66, after hitting its 52-week low on May. At $11.66, stock trades nearly at 35 times of our 2015 GAAP EPS estimate. While we consider using GAAP earnings at a 45% tax rate is more sensible than taking cash earnings at a 0% tax rate into consideration, we advice investors to look at appraisal by factoring in the current value of WisdomTree’s NOLs (2 multiple points), without stock comp (5 multiple points, comparing Envestnet and Financial Engines), and without estimated losses in Europe in consequence of the start-up nature of those operations (1 multiple point).Finally, we raise price target on WETF shares from $13.00 to $15.00 as we expect upside of 18 percent from the company’s current price.