On Tuesday, HSBC analyst Vikram Gandhi upgraded KKR & Co. Inc. (NYSE: KKR ) stock from Hold to Buy, while reducing the price target to $119 from the previous $170. The adjustment reflects a new valuation approach, considering the current market conditions and the performance of KKR's stock. Gandhi's assessment is based on a price-to-earnings (PE) methodology, applying a target multiple of 18.3x to the forecasted 2026 earnings per share (EPS) of $6.49. This represents a change from the prior multiple of 24.7x applied to an estimated EPS of $6.87. The revised price target suggests a potential upside of approximately 17%. Currently trading at a P/E ratio of 29.88x, InvestingPro analysis suggests KKR is slightly overvalued compared to its Fair Value, with analyst targets ranging from $114 to $194. The upgrade to a Buy rating comes after a significant decline in KKR's share price, which Gandhi believes now presents a more attractive risk-reward balance.