Apollo Global upgraded to Buy from Neutral at Goldman
As previously reported, Goldman upgraded Apollo Global to Buy from Neutral. The firm upgraded shares due to accelerating growth in fee earnings, a compelling pipeline, and valuation. Price target is $30
June 12, 2013
Apollo Global upgraded to Buy from Neutral at Goldman As previously reported, Goldman upgraded Apollo Global to Buy from Neutral. The firm upgraded shares due to accelerating growth in fee earnings, a compelling pipeline, and valuation. Price target is $30
June 6, 2013
KKR & Co. Apollo Global should be bought at current levels, says Oppenheimer Oppenheimer believes that KKR (KKR) and Apollo Global (APO) have declined in recent weeks either because they have high yield and such stocks are out of favor, or because Apollo's CEO was quoted as saying that the company is selling everything that isn't nailed down. Oppenheimer believes that the companies are primarily equity, not fixed income plays, while private equity firms realize revenue by selling things. It recommends buying both stocks on weakness.
May 30, 2013
Apollo Global upgraded to Outperform from Market Perform at BMO Capital BMO Capital upgraded Apollo Global Management due to valuation and potential upside to AUM related to Athene Holdings. Price target is $31
May 13, 2013
Apollo Global coverage assumed with a Buy at UBS Price target raised to $32 from $24
May 7, 2013
Apollo Global upgraded to Outperform from Perform at Oppenheimer Oppenheimer upgraded Apollo Global with a $34 price target following the company's better than expected Q1 results
Private equity companies on sale; Oppenheimer would be buyers
Opco notes KKR and APO are 10% and 15% off their recent highs (since 4/26 and 5/7), during which time frame the market is up a few percentage points. Firm can't find any news to account for this and think that the stocks are likely down for one of two reasons, both of which it thinks are "bad" reasons: No. 1, that yield stocks are out of favor, and No. 2, that APO's CEO was quoted at a conference saying that they were "selling everything that isn't nailed down." No. 1 is a bad reason because while the private equity (PE)-oriented asset managers do in fact have good yields, they are primarily equity, not fixed-income, vehicles. No. 2 is a bad reason because selling things is how PE asset managers realize revenues. There are other investments now being made that will be sold in the future.
13-May-13 11:09 ET
Apollo Global Management resumed with a Buy at UBS; tgt raised to $32 (before the open) (24.99 +0.14)
UBS resumed coverage of APO with a Buy and raises their tgt to $32 from $24. They note that Apollo is in the process of harvesting gains in their private equity portfolios, by selling "everything that isn't nailed down." In fact, to date in the second quarter, Apollo has realized about $0.75 per share of net realized carry from recent realization activity. They expect Apollo will continue to harvest realized gains on its portfolio for quite some time and they see distributions from potential realizations (as they are conservatively marked today) translating into roughly $3 per share.