Apollo Moves Lower After Earlier Upgrade by Goldman Sachs

Apollo APO is down 4 percent from its open today, despite an earlier upgrade by Goldman Sachs GS from Neutral to Buy. Goldman analysts cited increasing fee-related growth, realized gains, and a valuation pullback for the upgrade. Goldman also saw “significant scalability” from Apollo's relationship with Athene, adding $35-45 billion in assets from Aviva AV. The relationship could add $3-4 per share in value for Apollo. Goldman Sachs sees a potential 33 percent return for Apollo in the next 12 months. Apollo is hitting session lows of $23.33 at last check.