Deutsche Bank Maintains Buy Rating On KKR

Deutsche Bank is maintaining its Buy rating on shares of KKR & Co. L.P.'s (NYSE: KKR).

“KKR is a leading alternative asset manager, and is well positioned to generate healthy growth and returns, given its differentiated investment process, strong performance record, healthy fund raising capabilities, and diversifying growth strategies, as well as improving industry trends,” Deutsche Bank writes.

“Our valuation is based on a sum or the parts methodology and a DCF, and implies a 2012 ENI multiple of ~8x, which is in-line with peers given similar growth and returns. Downside risks include a challenging macro backdrop, investment write-downs, an adverse change in tax rules, loss of key talent, and increased competition.”

KKR & Co. closed Friday at $17.41.