Apollo Global resumed with Overweight from Neutral at JPMorgan

JPMorgan upgraded Apollo Global to Overweight from Neutral with a $122 price target after resuming coverage following a period of restriction. The analyst sees Apollo as among the better positioned publicly traded alternative asset managers to capitalize on secular trends such as the proliferation of private credit and an aging population needing reliable income for retirement. The firm says the company’s business model “gives investors more of what they want: cheaper fee-related earnings funded by a more creative third party capital structure.”