Jefferies raised the firm’s price target on Apollo Global to $100 from $97 and keeps a Hold rating on the shares. Ahead of Q3 earnings from the U.S. alternative asset mangers, the firm is reducing its estimates by 2.1% on average, largely to reflect lower activity levels, the analyst tells investors in a group preview. For Apollo, the firm’s Q3 EPS estimate decreased to $1.73 from $1.77 as a function of August’s convertible preferred stock issuance, the analyst noted.
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