Apollo Commercial Real Estate Finance (ARI) PT Raised to $19 at Barclays Following 3Q Report

Barclays analyst Ross Smotrich raised the price target on Apollo Commercial Real Estate Finance (NYSE: ARI) to $19.00 (from $18.00) while maintaining a Equalweight rating Following the company's 3Q earnings report. Third quarter AEPS of $0.45 was below Barclay's estimate ($0.50) on lower loan funding and a $0.02 early extinguishment of debt charge. The result was also below consensus ($0.47).

Smotrich decreased 2018 AEPS estimate to $1.81 from $1.90 to reflect the $0.02 loss on early extinguishment of debt and later/slightly lower loan deployment than was assumed. Barclays' projected four-year AEPS CAGR, excluding 2018, is +1.8%.

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