Apollo Global Management (APO) PT Raised to $93 at BMO Capital Following Investor Day

BMO Capital analyst James Fotheringham raised the price target on Apollo Global Management (NYSE: APO) to $93.00 (from $80.00) while maintaining an Outperform rating.

The analyst commented, "APO’s Investor Day demonstrated the stability of ATH’s earnings and long growth runway in "fixed income replacement" through its differentiated Yield business (with ~$80 billion in annual originations). We forecast accelerating growth following the ATH merger. APO's new targets imply material upside to consensus EPS. Post-merger, ~90% of APO’s earnings will be highly visible/recurring and should be valued accordingly; we raise our SOTP-derived target price to $93 (was $80). Our out-year EPS estimates are unchanged; 2022E is 4% lower from higher stock awards. APO remains our top pick."

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