UPDATE: Citigroup Raises PT on Apollo Global Management Following Investor Meetings

In a report published Wednesday, Citigroup analyst William R, Katz reiterated a Buy rating on Apollo Global Management APO, and raised the price target from $30.00 to $34.00.

In the report, Citigroup noted, “We affirm our Buy rating; raise ENI estimates; and boost our 12-month target $4 to $34 following Citi Research hosted investor meetings in Boston on 8/13 with senior management (on top of favorable 2Q developments, see also ‘Off The Call: Realizations Further Differentiating Versus Peers'). The meetings reinforced APO is well positioned to generate strong realizations and FPAUM growth as the firm increasingly leverages its global + scaled platform. While stock has outperformed YTD, we see further differentiation ahead.”

Apollo Global Management closed on Tuesday at $29.17.