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KKR

KKR

$19.44

0.19 (0.99%)

, BX

Blackstone

$34.55

0.11 (0.32%)

06:11
07/18/17
07/18
06:11
07/18/17
06:11

KKR's succession plans to put pressure on peers, FT reports

KKR's (KKR) announcement that Joseph Bae and Scott Nuttall have been selected as co-presidents and co-COOs yesterday could put pressure on rivals, whose founders have shown few signs of stepping aside, The Financial Times reports. "Today's announcement is about the future and ensuring we have the right leadership to serve our clients and partners for decades to come," Henry Kravis and George Roberts said. According to the publication, Jon Gray "will clearly follow" Steve Schwarzman as head of Blackstone (BX) "in the future," while Apollo (APO) has not yet figured out succession planning and Carlyle (CG) faces "intense" politics when it comes to replacing Bill Conway. Reference Link

KKR

KKR

$19.44

0.19 (0.99%)

BX

Blackstone

$34.55

0.11 (0.32%)

APO

Apollo Global

$27.25

-0.01 (-0.04%)

CG

Carlyle Group

$20.30

-0.1 (-0.49%)

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KKR KKR
$19.44

0.19 (0.99%)

05/09/17
NEED
05/09/17
NO CHANGE
Target $16
NEED
Buy
KKR adds $5 per share to Pandora value, says Needham
Noting that Pandora (P) announced it had raised $150M by selling a 5-year, 8% convertible preferred security to KKR (KKR), Needham analyst Laura Martin calculates that adding KKR to the Pandora story adds $5 per share to the latter's value, implying that it should trade up to $15 per share on the news over time. The analyst believes KKR provides a financial safety net, and expects KKR's exit time frame to be 5 years, giving public shareholders a clearer exit path. She reiterates a Buy rating and $16 price target on Pandora's shares.
05/09/17
PIPR
05/09/17
NO CHANGE
Target $18
PIPR
Overweight
Pandora sale path accelerated with KKR investment, says Piper Jaffray
Piper Jaffray analyst Stan Meyers believes Pandora's (P) path towards a potential sale has accelerated following KKR's (KKR) strategic investment. The analyst also expects Pandora's margins in its core radio business to continue improving. He remains "upbeat" on the shares with an Overweight rating and $18 price target.
04/17/17
04/17/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Eli Lilly (LLY) was downgraded to Equal Weight from Overweight at Morgan Stanley and to Underperform from Market Perform at BMO Capital. 2. Incyte (INCY) downgraded to Neutral from Overweight at Piper Jaffray with analyst Joshua Schimmer citing the complete response letter from the FDA for baricitinib, indicating a need to determine appropriate doses. This setback could take years and lead to approval of only the lower dose, leaving potentially little differentiation from Pfizer's (PFE) rheumatoid arthritis treatment Xeljanz," Schimmer tells investors in a research note. The analyst prefers to wait for a "cleaner entry point" into the shares. 3. KKR (KKR) downgraded to Neutral from Buy at Citi with analyst William Katz saying he views the stock's valuation relative to peers as less attractive at current levels. 4. Monster Beverage (MNST) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Judy Hong saying she expects shares to be range-bound near-term due to soft core Monster sales trends in the US. 5. PNC Financial (PNC) downgraded to Hold from Buy at Rafferty Capital with analyst Richard Bove saying bank stock valuations are too high and growth is lacking. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/17/17
SBSH
04/17/17
DOWNGRADE
Target $19
SBSH
Neutral
KKR downgraded to Neutral from Buy at Citi
Citi analyst William Katz downgraded KKR to Neutral and lowered his price target for the shares to $19 from $20.50. The analyst views the stock's valuation relative to peers as less attractive at current levels.
BX Blackstone
$34.55

0.11 (0.32%)

05/22/17
SBSH
05/22/17
UPGRADE
Target $40
SBSH
Buy
Blackstone upgraded to Buy from Neutral at Citi
Citi analyst William Katz upgraded Blackstone Group to Buy and raised his price target for the shares to $40 from $32. The company's intentions to raise a $40B infrastructure fund should be a "valuation catalyst," the analyst contends.
05/22/17
JMPS
05/22/17
NO CHANGE
JMPS
Blackstone deal with Saudi Arabia positive, says JMP Securities
JMP Securities analyst Devin Ryan says that the new infrastructure investment vehicle that Blackstone launched with the Public Investment Fund of Saudi Arabia may boost the shareholder value of Blackstone by over 10%. The analyst adds that the deal shows that Blackstone "can evolve and innovate," which makes its growth outlook "strong." He keeps a $38 price target and Outperform rating on the shares.
05/22/17
05/22/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Qualcomm (QCOM) upgraded to Overweight from Neutral at JPMorgan with analyst Rod Hall saying while more negative news from the Apple (AAPL) royalty suit is likely, "material fundamental upside" exists from the closure of the NXP Semiconductors (NXPI) by the end of this year. The analyst views the deal as highly accretive. Hall also believes Apple ultimately will want to preserve its commercial relationship with Qualcomm. 2. Motorola Solutions (MSI) upgraded to Outperform from Market Perform at Raymond James with analyst Tavis McCourt saying shares look increasingly attractive based on improved demand visibility that is less economically sensitive than many of its peers, and demand catalysts from FirstNet buildouts that are expected to start in 2018. 3. Entegris (ENTG) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Toshiya Hari citing the recent pullback in shares and maintained a $29 price target. 4. Blackstone (BX) upgraded to Buy from Neutral at Citi with analyst William Katz saying the company's intentions to raise a $40B infrastructure fund should be a "valuation catalyst." 5. Cree (CREE) upgraded to Outperform from Market Perform at JMP Securities with analyst Joseph Osha saying he thinks that the company's new CEO could make positive changes at the company. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/10/17
MSCO
04/10/17
NO CHANGE
Target $36
MSCO
Overweight
Morgan Stanley says to own Blackstone into the Q1 print
Morgan Stanley analyst Michael Cyprys says to buy Blackstone into the Q1 print saying its a best-in-class franchise which saw a number of large transactions close and has unparalleled fundraising ability. Cyprys rates Blackstone an Overweight with a $36 price target.
APO Apollo Global
$27.25

-0.01 (-0.04%)

06/08/17
BOFA
06/08/17
UPGRADE
BOFA
Buy
Carlyle Group upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Michael Carrier upgraded Carlyle Group (CG) to Buy saying the outlook for alternative asset managers is improving following a challenging 2015 and 2016. The analyst highlights "healthy" fundraising, improving returns, and rising distributions for the space. Carrier raised his price target for Carlyle to $21 from $20 while noting that Apollo Global (APO) remains his top pick in the space.
02/09/17
WELS
02/09/17
NO CHANGE
WELS
Apollo Global stock could rise 15% on Athene Holding deal, says Wells Fargo
Wells Fargo estimates that Apollo Global's (APO) EPS could be boosted by 40c and its stock could rise 10%-15% if Athene Holding (ATH) buys Fidelity & Guarantee Life. The firm notes that Apollo Global "recognizes revenue and earnings (positive or negative) tied to Athene Holding stock price movements." Wells keeps an Outperform rating on Apollo Global.
02/06/17
BOFA
02/06/17
UPGRADE
Target $27
BOFA
Buy
Apollo Global upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill upgraded Apollo Global to Buy and rasied its price target to $27 from $23 given expectations for improving fee related earnings, fund returns, and a rising distribution.
02/06/17
WELS
02/06/17
UPGRADE
WELS
Outperform
Apollo Global upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Christopher Harris upgraded Apollo Global to Outperform saying the market is underappreciating the "rapid growth" of the company's carry generating assets under management. The analyst raised his price target range for the shares to $25-$27 from $20-$22.
CG Carlyle Group
$20.30

-0.1 (-0.49%)

05/04/17
05/04/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. First Solar (FSLR) upgraded to Buy from Neutral at BofA/Merrill with analyst Krish Sankar saying First Solar's execution has improved and said the low cost Series 6 product could lead to better margins starting in the second quarter of 2018. Sankar also told investors First Solar's valuation is attractive and the balance sheet has strengthened. 2. Fogo De Chao (FOGO) upgraded to Buy from Hold at Canaccord with analyst Lynne Collier saying she sees an improved outlook for the overall industry in the next 12-24 months and she has increased confidence in the company's ability to drive market share gains. Collier raised her price target to $20 from $16 on Fogo de Chao shares. 3. Carlyle Group (CG) upgraded to Outperform from Market Perform at Keefe Bruyette with analyst Robert Lee citing the "strong" first quarter results and accrued carry. 4. Regions Financial (RF) upgraded to Buy from Neutral at BofA/Merrill with analyst Erika Najarian saying the market is undervaluing a "significant capital return story" following the year-to-date underperformance relative to peers. The analyst sees upside to the dividend and thinks Regions can return 20% of its market capitalization over the next two years. Her price target of $17 implies 20% upside from current levels. 5. Bunge (BG) upgraded to Neutral from Underweight at JPMorgan with analyst Ann Duignan citing a balanced risk/reward following the 11% post-earnings selloff. The analyst keeps a $70 price target for the shares. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/11/17
FBCO
05/11/17
UPGRADE
Target $23
FBCO
Outperform
Carlyle Group upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse analyst Craig Siegenthaler upgraded Carlyle Group to Outperform and maintained a $23 price target. The analyst believes fee-related earnings could expand by 2-3x by 2019-20 as fundraising accelerates, accrued investments generate sizable returns, and sees significant valuation expansion as fundamentals improved.
05/04/17
KBWI
05/04/17
UPGRADE
Target $23
KBWI
Outperform
Carlyle Group upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Robert Lee upgraded Carlyle Group to Outperform and raised his price target for the shares to $23 from $17.50 citing the "strong" Q1 results and accrued carry.

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