BMO Capital analyst Etienne Ricard reinstated coverage of Apollo Global with an Outperform rating and $108 price target. With its AUM overweight to credit strategies, distribution channel diversification, and operating leverage, Apollo offers “peer-leading earnings growth prospects,” the analyst tells investors. Apollo’s business model “truly is differentiated,” but the stock’s implied FRE multiple trades at a discount, which reflects an underappreciation for the sustainability of both spread and fee-related earnings, the analyst added.
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