UPDATE: Citigroup Cuts PT to $16.40 on Apollo Global Management

Citigroup lowers its price target on Buy-rated Apollo Global Management (NYSE: APO) to $16.50 (previously $17) on tempered P/E multiple expansion given elevated risk due to ENI volatility.

Citigroup comments, "We believe the 6% decline on 2/10 reflects: 1) ENI miss; 2) second consecutive shortfall against elevated earnings expectations; and, 3) tempered realization activity in 2012 though outsized given market backdrop, sizeable run-up into earnings and somewhat low float. Despite tweaking of target, we still see solid upside."

APO closed at $14.40 a share on Friday.