UPDATE: J.P. Morgan Raises Apollo Global Management's PT

According to a research report published this morning, J.P. Morgan has increased Apollo Global Management's

PT from $15 to $16. In the report, J.P. Morgan commented, "ARI reported 1Q12 operating earnings slightly lower than our estimate. Despite a narrowing of the valuation discount between ARI and the peer group, we see limited company-specific catalysts to drive material multiple expansion. We are raising our price target to $16 given the increase in price-to-book multiples among peers." J.P. Morgan maintains its Neutral rating on Apollo Global Management, which closed yesterday at $16.22.