Alexander Blostein, an analyst from Goldman Sachs, maintained the Buy rating on Apollo Global Management (APO – Research Report). The associated price target is $108.00.
Alexander Blostein’s rating of Apollo Global Management (APO) as a Buy is predicated on a multifaceted analysis of the company’s financial performance and market position. The report highlights that APO’s adjusted net income per share in Q4 2023 surpassed both Goldman Sachs’ estimate and the Street’s expectations due to a lower tax rate, indicating robust financial health that is likely to appeal to investors.
Despite some underperformance in the Strategic Real Estate (SRE) segment, Blostein notes that after adjusting for certain investment valuations, the normalized SRE would present a strong upside, signaling potential underestimation by the Street. Additionally, Fee-Related Earnings (FRE) met Street forecasts, suggesting stable revenue streams. The firm’s Fee-Paying Assets Under Management (FPAUM) also exceeded consensus, demonstrating effective asset accumulation. Moreover, positive momentum in Retirement Services with significant organic flows suggests a promising outlook, which, coupled with Apollo’s strategic positioning and growth in organic flows, supports the Buy rating.
Blostein covers the Financial sector, focusing on stocks such as Invesco, BlackRock, and KKR & Co. According to TipRanks, Blostein has an average return of 15.9% and a 73.48% success rate on recommended stocks.
In another report released on February 5, Barclays also assigned a Buy rating to the stock with a $118.00 price target.
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Apollo Global Management (APO) Company Description:
Apollo Global Management, Inc. engages in the provision of alternative investment management services. It operates through the following segments: Credit, Private Equity, and Real Assets. The Credit segment focuses on the investment in non-control corporate and structured debt instruments including performing, stressed, and distressed instruments across the capital structure. The Private Equity segment consists of investment in control equity and related debt instruments, convertible securities, and distressed debt instruments. The Real Assets segment includes investment in real estate equity and infrastructure equity; and real estate and infrastructure debt. The company was founded by Marc Jeffrey Rowan, Leon David Black, and Joshua Jordan Harris in 1990 and is headquartered in New York, NY.
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