Citigroup Reiterates Buy Rating, $20 PT on KKR

In a report published Monday, Citigroup reiterated its Buy rating and $20.00 price target on KKR & Co. (NYSE: KKR).

Citigroup noted, “KKR is a high quality PE manager that is benefiting from a structural and cyclical inflection in the business. We believe KKR is well positioned and poised for market share gains reflecting: 1) impressive track record; 2) significant "dry powder"; and, 3) increasingly diversified business model. We see KKR as a natural beneficiary of rising institutional allocations to alternatives as they re-risk and/or seek non-correlated alpha generation. Additionally, we see a cyclical upswing for the private equity business reflecting a more favorable backdrop in terms of investment pipeline and improved capital markets (with deal metrics more conducive to private equity transactions).”

KKR & Co. closed on Friday at $14.28.

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