JP Morgan Maintains Overweight Rating For Apollo Investment (AINV)

JP Morgan finds that Apollo Investment AINV “reported $0.26 of net investment income per share for F3Q1, $0.01 below our estimate of $0.27. Portfolio activity was exceptionally high during the quarter as Apollo invested $392M offset by a record $462M of repayments and sales.” JP Morgan also changed its “FY2011 and FY2012 operating EPS estimates to $0.98 and $1.04 from $1.03 and $1.11 to reflect the NIM compression and slower portfolio growth in FY2011 offset by stronger asset growth in FY2012.” JP Morgan maintains its Overweight rating and price target of $12.50. Apollo Investment is trading down $0.06 from Monday's close of $12.