UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Apollo Global Management LLC on Mixed Factors

In a report published Wednesday, Deutsche Bank analyst Brian Bedell reiterated a Hold rating on

, but lowered the price target from $32.00 to $29.00. In the report, Deutsche Bank noted, “After especially strong 4Q earnings reports in Jan-Feb, the weaker market in 1Q14 and slower realization activity should drive sequential median declines of 30-40% across ENI, DE & Distribution for the Alts. However, with the Alts stocks down a median 10% vs. pre-4Q earnings season (1/24/14), substantially underperforming asset managers (-1%) and the S&P 500 (+3%), the stocks are broadly poised to at least modestly outperform should equity markets avoid further declines over next 2-3 weeks. We think cheaper valuation amid consistent growth stories (barring a prolonged market correction) will be the primary catalysts.” Apollo Global Management LLC closed on Tuesday at $27.42.