BMO Capital raised the firm’s price target on Apollo Global to $138 from $123 and keeps an Outperform rating on the shares. The company’s targets for originations appear conservative, supported by increasingly broader asset sourcing capabilities, and with the stock trading at 17-times expected earnings, Apollo Global continues to offer growth at a reasonable multiple and remains the firm’s preferred alternative asset manager idea, the analyst tells investors in a research note. BMO adds that the stock’s discounted valuation reflects an underappreciation for the sustainability of both spread and fee-related earnings.
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