Initiating coverage of KKR with a Hold rating and $25 price target. KKR units are expected to trade near current levels over the next 12 months due to market debate on KKR's balance sheet strategy and potential market volatility. KKR's distributable earnings profile through 2015 is stable but lacks major growth catalysts. Valuation risks include economic slowdown and market corrections, while upside risks involve stronger than expected distributable earnings and favorable investor perception.
doj/DataSet10/EFTA01452655.pdf
{"title":"Alternative Asset Manager Initiation","key_people":["Brian Bedell"],"document_date":"2014-01-28","document_type":"financial","key_locations":["North America","United States"],"key_organizations":["KKR & Co.","Deutsche Bank Securities Inc."],"reference_numbers":["DB-SDNY-0109824","SDNY_GM_00256008","EFTA01452655"]}