KKR (KKR) PT Lowered to $120 at Deutsche Bank

Deutsche Bank analyst Brian Bedell lowered the price target on KKR (NYSE: KKR) to $120.00 (from $122.00) while maintaining a Buy rating.

The analyst comments "We continue to view KKR as our top pick, supported by our expectation for 27.0% FRE growth in 2024 and 22.7% over the next 3 years (the best in our alternatives coverage) and we reiterate our Buy rating. We note that we are updating our sumof-the-parts valuation to include Strategic Holdings earnings as a separate component (please see Figure 1). This has the impact of reducing KKR's valuation from a book value perspective as Strategic Holdings was previously reflected in book value (via investments on the balance sheet), partially offset by the inclusion of the separate earnings stream for which we utilize a market multiple on 2025 aftertax earnings to value. This SOTP update results in a lower price target (to $120 from $122), however, to be clear, there is nothing structural from 1Q results driving the lower PT."

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