UPDATE: J.P. Morgan Reiterates Overweight Rating, Lowers PT on Apollo Global Management
In a report published Monday, J.P. Morgan & Co. reiterated its Overweight rating on Apollo Global Management (NYSE: APO), but slightly lowered its price target from $18.00 to $17.50.
J.P. Morgan noted, “APO reported economic net income (ENI) of $0.98, beating our estimate of $0.82 and consensus of $0.76 due to strong realizations during the third quarter. With significant exposure to corporate private equity and recently expanded credit capabilities at a time when credit is in demand, we think Apollo is well positioned in the public alternatives space. While the sector has rebounded from May lows, APO still has one of the lowest valuations in the group. With a distressed tilt, a skill set which we think will be especially lucrative over the coming years, and an attractive dividend yield, we continue to recommend the stock. We maintain our Overweight rating and decrease our PT to $17.50 given a potentially challenging 4Q.”
Apollo Global Management closed on Friday at $14.22.
Latest Ratings for APO
|Jun 2015||Piper Jaffray||Initiates Coverage on||Overweight|
|May 2015||Morgan Stanley||Upgrades||Underweight||Equal-weight|
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