Global alternative investment management services provider Apollo Global Management (APO) announced that funds managed by affiliates of Apollo, the Apollo Funds, have signed an agreement for the exclusive right to invest in the Arthur Kill Terminal project, a major offshore wind energy staging and assembly port under development in Staten Island, New York.
Apollo invests across real assets, private equity and credit. (See Apollo stock chart on TipRanks)
New York-based infrastructure and industrial real estate development firm Atlantic Offshore Terminals will lead the development of the terminal, which is likely to commence operations towards the end of 2025.
The Principal at Apollo, Brad Fierstein, said, “Arthur Kill Terminal is positioned to be a foundation of the core infrastructure supporting the offshore wind industry in New York and the surrounding region. We are excited by the opportunity to support the substantial industrial development and job creation the AKT project can bring to the city and region through an investment that leverages our track record in renewable energy infrastructure investments and demonstrates our commitment to sustainability.”
On July 12, Citigroup analyst William Katz reiterated a Buy rating on the stock and raised the price target from $72 to $76 (28% upside potential). The analyst expects the sector to grow by at least 50%.
Overall, the stock has a Strong Buy consensus rating based on 7 Buys and 2 Holds. The average Apollo Global Management price target of $63.33 implies 6.5% upside potential. The company’s shares have gained 16.1% over the past year.
According to TipRanks’ Smart Score rating system, Apollo scores an 8 out of 10, suggesting that the stock is likely to outperform market averages.
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