Wolfe Research starts Apollo Global at Outperform, sees ‘attractive’ risk-reward

As previously reported, Wolfe Research analyst Steven Chubak initiated coverage of Apollo Global with an Outperform rating and $139 price target. Despite the negative revision risk from lower interest rates, the firm sees the stock’s risk-reward as attractive given its heavily discounted valuation vs. peers and multiple positive catalysts, the analyst tells investors in a research note. Wolfe further cites “numerous” potential catalysts for Apollo that should drive the stock’s outperformance over the next 12 months, including positive messaging at the firm’s October 1 Investor Day presentation, potential S&P500 inclusion, and additional ratings upgrades at Athene.