UPDATE: Piper Jaffray Starts Apollo Global Management (APO) at Overweight

Piper Jaffray initiated coverage on Apollo Global Management (NYSE: APO) with an Overweight rating and a price target of $33.00.

Analyst Jason Weyeneth commented, "While aspects of APO's fundamentals are currently challenged, we believe distributable earnings will trough in '15, scaling of the credit platform will drive growth of stable higher multiple fee-related earnings, and the current valuation/sentiment creates an attractive risk/reward at current levels. Our price target is $33."

For an analyst ratings summary and ratings history on Apollo Global Management click here. For more ratings news on Apollo Global Management click here.

Shares of Apollo Global Management closed at $22.28 yesterday.

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