UPDATE: Oppenheimer Raises PT on KKR & Co. on Underappreciated Growth

In a report published Friday, Oppenheimer analyst Chris Kotowski reiterated his Outperform rating on KKR & Co. (NYSE: KKR), and raised his price target from $19.00 to $21.00.

In the report, Kotowski noted, “We upgraded KKR last summer on the tactical notion that distributions should increase meaningfully in 2013 and 2014 as the$17.6B 2006 Fund enters carry mode. We believe that story is fully on track but we had chance to meet with Scott Nuttall, head of Global Capital and Asset Management, and Craig Larson, head of investor relations, and their focus was more on a longer term, strategic growth vision. By comparison to peers, KKR is much more focused on private equity. The segment accounted for 68% of fee-paying AUM, 80% of base management fees, and almost all realized carry income in 2012.”

KKR & Co. closed on Thursday at $19.72.

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