Piper Sandler analyst John Barnidge raised the firm’s price target on Apollo Global (APO) to $202 from $188 and keeps an Overweight rating on the shares. The firm is essentially in-line with consensus heading into Q4 earnings season for the only true full stack, and at-scale, asset and liability originator in the market. Piper would not be surprised to see the results this earnings season suggest better-than-expected demand for products despite a changing interest rate cycle along with what it believes could be the first signs of a true turn in variable investment income environment for the group.
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