Jefferies Reiterates Buy on KKR & Co. (KKR) After Meeting with IR Team
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Jefferies reiterated a Buy rating and $17.00 price target on KKR & Co. (NYSE: KKR) after spending time with the company's IR team. Trends within KKR are strong with a growing LP base, ample demand, and scaling asset classes outside of trad'l PE. KKR has accelerated its sales & distribution efforts in recent years enabling it to expand its LP base from ~280 as recently as 2009 to over 900 today.
Analyst Gerald O'Hara commented, "Last week we spent time with members of KKR's IR team led by Craig Larson. Americas XII is primed for launch in 1H17 with a net ~$95M of incremental fee related earnings and while investment in the US remains opportunistic, the opp set in Asia, real estate, and credit offers significant runways of growth potential. The shifting political landscape creates both pros / cons, but has provided an early tailwind."
Shares of KKR closed at $14.74 yesterday.
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