Apollo Global price target raised to $150 from $127 at Evercore ISI

Evercore ISI analyst Glenn Schorr raised the firm’s price target on Apollo Global to $150 from $127 and keeps an Outperform rating on the shares. Following what the firm calls a “thoughtful & differentiated investor day from Apollo as Marc Rowan & his team,” Evercore says it thinks Apollo “doesn’t get enough credit for being fully aligned with their investors,” adding that it thinks “this matters a lot more to their LPs than stock investors currently value.” The firm, which thinks the lead they’ve built in direct origination is “substantial,” feels Apollo, and others, will continue to take share and/or partner with the banks, which it believes should help drive 20% annual FRE growth, 10% SRE growth, $15 of ANI and $21B of capital generation over the next five years.