KKR

KKR · NYSE

$89.21+$2.21 (+2.54%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $87.00

KKR analyst rating

BuyConsensus of 13 analysts over the last 12 months. 85% rate it a buy.

Strong buy0
Buy11
Hold2
Underperform0
Sell0

12-month price target · 21 analysts

Average $130.08 (+45.8% upside)

Low: $108.17
Now: $89.21
High: $174.30

Upgrades and downgrades

The latest rating actions, newest first

KKR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Oct 19, 2026	Maintains	Overweight	$128.00 → $121.00	64%
UBS	Oct 13, 2026	Maintains	Buy	$123.00 → $122.00	43%
TD Cowen	Oct 12, 2026	Maintains	Hold	$118.00 → $103.00	53%
Barclays	Oct 8, 2026	Maintains	Overweight	$135.00 → $130.00	57%
Wells Fargo	Oct 2, 2026	Initiates	Equal-Weight	$97.00	63%
Oppenheimer	Aug 27, 2026	Maintains	Outperform	$139.00 → $166.00	67%
Argus Research	Aug 4, 2026	Maintains	Buy	$115.00 → $125.00	66%
TD Cowen	Aug 3, 2026	Maintains	Hold	$108.00 → $111.00	53%
BMO Capital	Aug 3, 2026	Maintains	Outperform	$112.00 → $118.00	56%
RBC Capital	Jul 31, 2026	Maintains	Outperform	$125.00 → $134.00	17%

The case for and against

Updated Oct 16, 2026

Bull case

KKR is supported by a powerful fundraising supercycle expected to last through 2027, with Q1/26 showing impressive momentum as FBC rose 17% to $615 billion, management fees increased 30%, FRE/share grew 23%, and ANI/share advanced 21%. Its diversified platform across private equity, credit, infrastructure, real estate, public markets, and insurance, plus Global Atlantic, gives it multiple levers for growth while a K-shaped industry shift favors large managers with durable scale. The company’s structural economics also remain attractive, with roughly 70% FRE margins, $930 million of capital markets revenues in 2025, and a path toward its $1 trillion AUM target by 2029 as many strategies remain unscaled.

Bear case

KKR is facing a muted near-term fundamental backdrop as management said it is unlikely to hit $7 ANI per share for 2026, citing mixed macro conditions and delayed exits, while consensus estimates have already declined 8% YTD. The company’s core performance trends are also softening, with QoQ deceleration across private equity, real assets, and credit, and insurance pressured by rising annuity competition, lower origination in Q1/26, and expected P/T ROE below 10% through 2027 when fully burdened for SBC. Although KKR has $6B of equity dry powder and could scale FPAUM, the analyst remains cautious because share count is set to rise meaningfully into 2Q and again into 2027, while estimates sit 2% below consensus in 2026 and 8% below in 2027.

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