tiprankstipranks
KKR to Buy Home Services Platform Neighborly from Harvest Partners
Market News

KKR to Buy Home Services Platform Neighborly from Harvest Partners

Investment management firm KKR & Co. (KKR) announced that it has agreed to buy Neighborly from Harvest Partners. The financials of the deal have not been disclosed yet. The company expects to close the deal in Q3, subject to customary closing conditions.

Neighborly provides home services platform to more than 10 million residential and commercial customers. The company operates online platforms that connect consumers to service providers in their local communities.

KKR plans to make the investment in Neighborly from its North American private equity fund. (See KKR stock chart on TipRanks)

Managing Director at KKR Felix Gernburd said, “In a large and highly fragmented industry, Neighborly stands out for its differentiated strategy of bringing together adjacent services under a diversified and tech-enabled platform, and – most importantly – for its unrivaled dedication to customer service.”

Two months ago, Oppenheimer analyst Chris Kotowski assigned a Buy rating to the stock with a price target of $64 (7.8% upside potential from current level).

Kotowski said, “We think there is significant upside to distributable earnings over time as there is ample room for the real asset and public market platforms to grow, balance sheet investment to be monetized and positive outlook regarding base management fee growth on funds associated with the next-generation flagships and other associated strategies.”

The stock has a Moderate Buy consensus rating based on 8 Buys and 3 Holds. The average KKR price target of $64 implies 7.8% upside potential from current levels.

According to TipRanks’ Smart Score system, KKR gets a 7 out of 10, which indicates that the stock is likely to perform in line with market averages.

Related News:
Camping World Makes Strategic Investment in Happier Camper
IDEAYA Prices 4.6M Common Stock Offering; Street Says Buy
Molecular Partners Shares Development in Ensovibep Program

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles