Apollo Global price target raised to $102 from $100 at Deutsche Bank

Deutsche Bank analyst Brian Bedell raised the firm’s price target on Apollo Global to $102 from $100 and keeps a Buy rating on the shares. The analyst previewed the Q3 earnings reports across the brokers, asset managers and exchanges sector. The firm sees stock price performance being driven more by company-specific factors as opposed to broader sector trends. The analyst sees less conviction around a risk-on or risk-off posture, with a generally wide range of bullish and bearish market sentiment. For those with a more bearish view, Deutsche views exchange stocks as generally benefiting from any increased allocations into defensive-oriented earnings profiles. It expects many investors to continue gravitating to the alternative asset managers, with relatively good fundamental results overall in Q3 as well as fundraising pipelines into 2024.