UPDATE: BofA Merrill Lynch Reinstates Coverage of KKR (KKR) with a Buy rating and $18 PO

Bank of America Merrill Lynch has reinstated coverage of KKR & Co. KKR with a Buy rating, and $18 price objective. Bank of America Merrill Lynch noted, "[We] are reinstating coverage of KKR (KKR) with a Buy rating and an $18 price objective. KKR is a leading alternative asset manager that is known for leveraged buyouts, but has more recently expanded and diversified its business. We view the outlook as favorable given KKR's expansion strategy in public markets and capital markets and its differentiated balance sheet; strong investment performance and recently improving trends in the important '06 Fund; healthy fundraising; and robust level of exits and a ramp-up in distributions." KKR closed at $14.50 on Wednesday.