Why This Apollo Global Management Analyst Is Turning Bearish
Portfolio Pulse from Priya Nigam
Oppenheimer analyst Chris Kotowski has downgraded Apollo Global Management (NYSE:APO) from Outperform to Perform, removing the price target for the stock. Despite the Federal Reserve nearing the end of its tightening cycle, the bond market does not reflect this. Apollo's stock has outperformed, rising 8.7% in Q3 and 32.7% YTD, trading through the price target. The performance of its real estate business could trigger an earn-out payment in early 2024.
October 09, 2023 | 3:58 pm
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Apollo Global Management has been downgraded by Oppenheimer analyst Chris Kotowski from Outperform to Perform. The stock has outperformed, rising 8.7% in Q3 and 32.7% YTD, and has traded through the price target.
The downgrade by Oppenheimer analyst Chris Kotowski is likely to have a negative impact on Apollo Global Management's stock in the short term. The removal of the price target could also create uncertainty among investors, potentially leading to a sell-off. However, the stock's strong performance YTD and in Q3 could provide some support.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100