Apollo Global initiated with a Market Perform at BMO Capital

BMO Capital analyst Etienne Ricard initiated coverage of Apollo Global (APO) with a Market Perform rating and $132 price target The company’s integrated private credit origination, management, and retention remain best-in-class, but Street expectations for social real estate are elevated into a rate-cutting cycle, creating earnings revision risk, the analyst tells investors in a research note. The firm added that with the long-term 10% CAGR target appearing fair, that doesn’t mean there won’t be a few years below that average.