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Fly News Breaks for September 19, 2019
BX, KKR
Sep 19, 2019 | 07:10 EDT
Goldman Sachs analyst Alexander Blostein added KKR (KKR) to his firm's America's Conviction List with a price target of $35, up from $34. KKR is entering a period of accelerated earnings growth, driven by its upcoming fund-raising cycle and maturing investment portfolio, which should yield above-consensus incentive income and earnings, Blostein tells investors in a research note. He points out that while KKR shares are up 43% year-to-date, it still trades at a 40% discount to Blackstone (BX). At current share levels, the market is ascribing a ~35% discount to KKR's private on-balance sheet investments, which is "too punitive," says Blostein.
News For KKR;BX From the Last 2 Days
BX
Mar 18, 2024 | 18:22 EDT
The company states: "KeyCorp (KEY) announced a forward flow origination partnership with Blackstone (BX) Credit & Insurance focused on Key's Specialty Finance Lending group. SFL is a leading asset-based lender serving clients nationally across middle market, growth capital, transportation, equipment, and other verticals. In connection with the partnership, Blackstone and Key closed a transaction on a seed portfolio of middle market fund finance facilities. Key will continue to originate, hold, and provide asset management services for new commitments across all sectors."
BX
Mar 18, 2024 | 12:35 EDT
Bearish flow noted in Blackstone with 10,836 puts trading, or 1.4x expected. Most active are Apr-24 120 puts and May-24 115 puts, with total volume in those strikes near 7,100 contracts. The Put/Call Ratio is 2.70, while ATM IV is up over 1 point on the day. Earnings are expected on April 18th.