Goldman Sachs maintained a Neutral rating on Apollo Global Management (NYSE: APO) with a modified price target of $25.00 (from $27.00). Analyst Marc Irizarry thinks shares will trade range bound,

"APO is tapping important growth drivers: credit product and growth of alternative assets supported by global bank deleveraging and shifts in the regulatory landscape. New distribution channels are driving demand (HNW contributed nearly ½ of the $1.5 bn raised YTD for Credit Opps Fund III). In PE, ~15% of Fund VIII is already deployed/ committed - even as APO stays disciplined on valuation (average entry multiple of 5-7x vs. industry at 9-10x). Fundraising in credit and capital deployment buffer pressure on AuM from exits ($0.31 realized carry in 3Q to date). That said, the firm’s net accrual shrunk in 2Q (on higher accrued comp and harvesting) and after averaging 33% in the past 3 years, feeearning AuM growth has leveled off more recently. The stock has lagged YTD and expectations are lower, but we see shares staying range bound," said Irizarry.

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Shares of Apollo Global Management closed at $25.25 yesterday.