Deutsche Bank Upgrades Kennedy-Wilson (KW) to Buy
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Deutsche Bank analyst Derek Johnson upgraded Kennedy-Wilson (NYSE: KW) from Hold to Buy with a price target of $22.00.
The analyst comments "We are upgrading shares of Kennedy Wilson to Buy from Hold, as we view the companies core strength of capital allocation now well positioned in the wake of the coronavirus. The company has also vastly simplified their business model, focusing on direct real estate investments in the consolidated portfolio while meaningfully growing fee bearing capital and the co-investment portfolio (5 - 50% at KW share) with $3.5B in assets, roughly double 2018 levels. Further, rent collections were strong in 2Q20 with 97% collected for the core Multifamily and Office portfolios with total portfolio collections of 92%, while maintaining ample liquidity of $1.1B and laddered debt maturities (only 3% due by FY2021). KW is globally diversified in the Western US, UK and Ireland, benefiting from long term relationships with capital partners at major financial institutions and a proven 32 year track record as a global real estate investor, developer and operator. We upgrade KW to Buy from hold and recommend accumulating shares and introduce our new target price of $22 per share."
Shares of Kennedy-Wilson closed at $14.69 yesterday.
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