UPDATE: Bank of America Raises PT on Kennedy-Wilson Holdings on European Bank Deleveraging
In a report published Friday, Bank of America analyst David Ridley-Lane reiterated a Buy rating on Kennedy-Wilson Holdings (NYSE: KW), and raised the price target from $16.00 to $19.00.
In the report, Ridley-Lane noted, “KW will continue to benefit from European bank deleveraging, in our view. In 2012, KW and its third-party investors acquired bought commercial real estate loans with unpaid principal balance of $1.4bn at a 35% discount on average. With a healthy pipeline of opportunities ahead, KW raised additional equity for co-investments. On 3/14, KW sold 9.0mn shares for $15.70, raising ~$133mn after fees. Underwriters have the option to purchase an additional 1.35mn shares.”
Kennedy-Wilson Holdings closed on Thursday at $15.80.
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