03:01 PM EDT, 04/11/2024 (MT Newswires) -- KKR (KKR) is offering a "compelling" investment opportunity among alternative asset managers, Oppenheimer said in a note.

"There is significant upside to distributable earnings over time as there is ample room for the real asset and public market platforms to grow and balance sheet investment to be monetized," Oppenheimer analysts said.

"We have a positive outlook regarding base management fee growth on funds associated with the next-generation flagships and other associated strategies."

Since the last Investor Day in April 2021, asset under management has grown to $553 billion from $349 billion, fee related earnings to $2.4 billion from $1.3 billion, and the stock has doubled even though the multiple was flat, Oppenheimer said.

Oppenheimer maintained KKR's outperform rating and $103 price target.

Price: 101.93, Change: +2.92, Percent Change: +2.95