Goldman Sachs Upgrades KKR (KKR) to Conviction Buy, 'Step-up in EPS stability to drive higher valuation'
Get Alerts KKR Hot Sheet
Rating Summary:
17 Buy, 4 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 11
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Goldman Sachs upgraded KKR (NYSE: KKR) from Buy to Conviction Buy with a price target of $29.00 (from $24.50).
Analyst Alex Blostein comments "We expect the evolution of KKR’s business mix to drive a more stable earnings profile and lead to a higher multiple over time. Specifically, KKR remains the most inexpensive stock among alternative manager at only 8.5X 2018E P/E and 1.5X P/B.We see a case for a higher multiple amid several structural business tailwinds including: (1) KKR’s fee-related earnings growth is accelerating amid fund-raising, recent acquisitions and growth of KKR’s capital markets business, (2) portfolio realizations are likely to accelerate in 2018, and (3) improving balance sheet diversification should drive a more stable ROE and earnings profile."
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 $22.03 yesterday.
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