UPDATE: Bank of America Initiates Coverage on Kennedy Wilson
A report from Bank of America states that it has initiates coverage on Kennedy Wilson (NYSE: KW) with a Buy rating and a $13 price target.
The report says, “We rate KW shares a Buy for its growth in AUM and the company's own appreciated real estate investments. We base our $13 price objective on 2.0x KW's current book value. Our target multiple is consistent with KW's historical average P/B multiple of 2.0x. Our target multiple is a discount to private equity peers (BX, KKR, APO) which trade at an average of 3.4x P/B.”
KW closed Friday at $11.23.
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