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.
TD Cowen lowered the firm's price target on Blackstone to $114 from $117 and keeps a Hold rating on the shares. The firm reduced their estimates to reflect slower realizations and lower NII.
Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here
Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here