UPDATE: Citi Adjusts Brokers' PT

According to a research report published this morning, Citi has lowered the Blackstone Group's

PT from $19 to $18, and increased KKR's

PT from $18.50 to $19. In the report, Citi commented, "We introduce a dynamic modified distributable earnings discount model (DEDM) as a supplemental tool to value Alternatives Managers. We will be using this methodology alongside our proprietary sum-of-theparts (SOTP) valuation technique. Investors will be able to alter growth, distribution ratios (which we dub “cash content”), and risk factors to assess intrinsic value across various economic backdrops." KKR closed Friday at $14.09, while BX closed Friday at $13.95. --