UPDATE: Sterne Agee Initiates Apollo Global Management on PE Realizations, Credit Growth, and Athene to Drive Upside

In a report published on Tuesday, Sterne Agee analyst Jason Weyeneth initiated coverage on

with a Buy rating and a $33 price target. In the report, Sterne Agee stated, "Following what has been a strong run in the shares, the combination of continued substantial private equity portfolio company exit activity and multiple expansion driven by rapid growth of higher multiple fee-related earnings can drive future returns to unit holders. In addition, we believe the value of Athene is underappreciated and will emerge in 2014." Apollo Global Management closed on Monday at $27.56.