KKR & Co LP (KKR) saw its shares plummet by 5.10% during Friday's trading session, following news that Accel-KKR, a technology-focused investment firm, is selling its majority interest in Smart Communications to Cinven, a European private equity firm.
The announcement, which came early Friday, has raised concerns among investors about potential shifts in KKR's investment portfolio and strategy. While the financial terms of the deal were not disclosed, the market reaction suggests that investors view this divestment as a potentially negative development for KKR.
Despite the sharp decline, several analysts maintain a positive outlook on KKR. Piper Sandler and Oppenheimer both raised their target prices for KKR to $166, up from $150 and $162 respectively. Additionally, Goldman Sachs adjusted its price target to $161 from $146, while maintaining a buy rating. These analyst actions suggest that the long-term prospects for KKR remain strong, despite the short-term stock price volatility.
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