UPDATE: JPMorgan Downgrades Apollo Global Management (APO) to Neutral
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JPMorgan analyst Kenneth B. Worthington downgraded Apollo Global Management (NYSE: APO) from Overweight to Neutral with a price target of $52.00 (from $51.00).
The analyst comments "Apollo has been very active in building its business through organic growth (fundraising) and acquisitions. Not only has this increased AUM, but it has also moved the earnings mix toward management fee earnings, which are more stable and to which we believe investors assign a higher valuation. However, Apollo’s acquisition of Athene reverses this trend, increasing the balance sheet risk and earnings volatility. We rate shares of Apollo Neutral as we await a better explanation of the strategic operating benefits for Apollo and Athene for this acquisition."
Shares of Apollo Global Management closed at $47.46 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
Related EntitiesJPMorgan, Earnings, Definitive Agreement
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