Opco ups target on ‘dry powder king’ KKR to $81

Oppenheimer analyst Chris Kotowski raised the firm’s price target on KKR to $81 from $80 and keeps an Outperform rating on the shares. The analyst says the alternative asset managers represents "bargains" following the collapse of SVB Financial. The alternative asset managers have perhaps the best liability structure in the financial world, while SVB Financial had perhaps the worst, the analyst tells investors in a research note. For the alternatives, the capital is pooled in dozens of different structured vehicles from which capital can only be moved after a realization event at the direction of the sponsor, Opco says. The firm sees KKR "as the dry powder king," as its available capital was roughly three-times its enterprise value at year-end.