Jefferies Raises price Target on Apollo Global Management (APO) After Spending Time with Management

Jefferies reiterated a Buy rating on Apollo Global Management (NYSE: APO), and raised the price target to $20.00 (from $17.00), after spending time with management. Despite a mixed economic backdrop, the health of the underlying portfolio co's remain relatively strong with positive revenue and EBITDA growth y/y. APO has announced 3 private equity deals for nearly $9.4B in total value.

Analyst Gerald O'Hara commented, "Last week we spent time with APO’s corp. communication and IR team. Despite recent mgmt. commentary citing deal activity would likely slow, APO has executed on 3 take-private deals for roughly $9.4B in total value. Additionally, distressed for control is increasingly becoming the theme for the first time post crisis. We continue to view APO’s ample dry powder ($26B) and credit expertise as differentiators amidst a choppy economic background."

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 $17.08 yesterday.

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