Apollo Moves Lower After Earlier Upgrade by Goldman Sachs
Apollo (NYSE: APO) is down 4 percent from its open today, despite an earlier upgrade by Goldman Sachs 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 (NYSE: 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 closed Tuesday at $23.52.
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