Apollo Global price target raised to $130 from $122 at Keefe Bruyette

Keefe Bruyette analyst Michael Brown raised the firm’s price target on Apollo Global to $130 from $122 and keeps an Outperform rating on the shares. The analyst says Apollo is high-growth alternative asset manager, positioned well for secular demand for private assets across the risk/return spectrum. The firm believes the pieces are in place for the company to grow earnings at a double-digit rate over the coming years. This should allow the stock’s four-turn discount versus peers to close over time, the analyst tells investors in a research note. Keefe says Apollo Global is its top pick for 2024.