Oppenheimer raised the firm’s price target on KKR to $94 from $91 and keeps an Outperform rating on the shares. The firm notes that early on November 29, KKR made a significant, four-part strategic announcement in which it is buying in the remaining 37% of Global Atlantic, creating a Strategic Holdings Segment, modifying compensation ratios and introducing a new segment reporting framework. Oppenheimer views the announcement very favorably. The KKR/GA strategic tie up is much like the APO/Athene in that it gives the “Alt” manager a vehicle to build its lending businesses.
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