KKR price target raised to $143 from $140 at Oppenheimer

Oppenheimer raised the firm’s price target on KKR (KKR) to $143 from $140 and keeps an Outperform rating on the shares. The firm notes KKR reported solid Q1. While the results were strong, they were helped by some lumpy items including an estimated $70M of catch-up fees and better than expected carry and realized investment income. Oppenheimer stresses that all these items are real earnings and will recur in the future, but one shouldn’t annualize them into the forward outlook.