Shares of investment and private equity asset management giant KKR & Co. (NYSE:KKR) are trending higher in today’s trading session following the company’s third-quarter performance.
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Q3 revenue declined 58.6% year-over-year to $1.86 billion but outperformed estimates of $1.51 billion. Meanwhile, EPS of $0.93 declined 11% year-over-year but beat analysts’ expectations by $0.87.
Importantly, the company reported 8% growth in its AUMs (assets under management) to $496 billion, driven by new capital raised during the quarter worth $13 billion.
KKR’s Co-CEOs Joseph Y. Bae and Scott C. Nuttall commented, “We continue to build and diversify, with AUM more than doubling over the last two years and Real Assets AUM more than tripling to $118 billion. In our experience, market dislocations create investment opportunity, and with $113 billion of dry powder, we are very well positioned.”
Is KKR a Good Stock to Buy?
As per TipRanks, analysts are cautiously optimistic about the stock and have a Moderate Buy consensus rating, which is based on six Buys and three Holds. KKR’s average price forecast of $62.33 implies 25.06% upside potential.
Further, KKR stock boasts an 8 out of 10 Smart Score rating on TipRanks, indicating that the stock has strong potential to outperform market expectations.
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