Apollo Global downgraded to Perform on valuation at Oppenheimer

Oppenheimer downgraded Apollo Global to Perform from Outperform without a price target. The analyst cites valuation for the downgrade, saying the shares have traded through the firm’s prior price target. The downgrade is purely based on maintaining discipline to valuation as Apollo’s fundamental outlook “is if anything improved,” with higher base rates and yet another round of higher capital requirements proposed for banks, the analyst tells investors in a research note.