UPDATE: Deutsche Bank Raises PT to $18 on KKR

Deutsche Bank maintains its Buy rating on KKR KKR and raises its price target to $18 from $17 on an improved outlook and continued favorable risk/reward despite a miss on earnings. Deutsche Bank says, "KKR reported ENI/share of $0.33, missing expectations due to lighter than expected MtM gains (PE/BS only up ~2%) & carried/inv income. Despite the miss, FRE was healthy, core trends were strong (capital raised/deployed, realizations, and the distribution), and given the rising markets/recent better macro data (stronger MtM gains/returns/carried interest/inv income ahead) & growth opportunities (including new fund launches, the TRS win, & the launch of the new NA fund), we continue to like the risk/reward." KKR closed at $15.06 a share on Thursday.