UPDATE: JPMorgan Downgrades Apollo Global Management (APO) to Neutral

March 9, 2021 4:42 AM EST
Get Alerts APO Hot Sheet
Price: $60.73 -1.22%

Rating Summary:
    14 Buy, 5 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 8 | Down: 33 | New: 7
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(Updated - March 9, 2021 5:38 AM EST)

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."

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 $47.46 yesterday.

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