UPDATE: JMP Securities Downgrades KKR (KKR) to Market Perform

(updating comment)

JMP Securities analyst Devin Ryan downgraded KKR (NYSE: KKR) from Market Outperform to Market Perform.

The analyst comments "While the fundamentals remain strong (fundraising, deployment, investment performance, etc.) and the group continues to benefit from secular tailwinds, we believe the bar has moved meaningfully higher for 2020. Given the recent c-corp conversions (and related remixing of the shareholder base to more index/long-only funds), there has been a technical bid in the market for shares, though we think much of this benefit has played through the stocks. We anticipate another strong year of FRE growth, but we would point out that it appears that expectations for the year also bake in a healthy pickup in performance-related earnings (~50% increase in our models), so any shortfall on this front could be disappointing to the market, particularly given current valuations."

For an analyst ratings summary and ratings history on KKR click here. For more ratings news on KKR click here.

Shares of KKR closed at $29.98 yesterday.

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