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Apollo Global Management, Inc. (NYSE:APO) shares are trading higher on Wednesday.
On Tuesday, Apollo reported third-quarter adjusted earnings per share of $1.85, surpassing analyst estimates of $1.72 and revenue of $7.77 billion, beating the street view of $4.13 billion.
Apollo said it now manages a total of $733 billion in assets, with $551 billion generating fees. Over the past year, Apollo saw $151 billion in new inflows and deployed $248 billion in capital. Apollo’s Fee Related Earnings (FRE) were $531 million, while Spread Related Earnings (SRE) were $856 million.
JP Morgan analyst Kenneth B. Worthington raised the price target to $161 from $143 while maintaining an Overweight rating.
The analyst writes that, in just three quarters of 2024, APO has already surpassed the $150 billion 2026 target set during the previous investor day and is on track to achieve the $275 billion annual target by 2029.
Following the strong performance and positive commentary, the analyst remains confident that APO’s ambitious 2029 targets—20% annual FRE growth, 20% annual SRE growth, and doubling ANI/Sh to $15—are achievable.
As a result, Worthington raised the multiple applied to APO’s 2026E post-tax, post-SBC FRE from a range of 23.0x-25.0x to 27.5x.
The analyst raised the price target from $143 to $161 and reiterated the stock’s Overweight rating.
Investors can gain exposure to the BX stock via EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:LBO) and Fidelity Disruptive Finance ETF (NASDAQ:FDFF).
Price Action: APO shares are up 9.78% at $163.86 at the last check Wednesday.
Image via Shutterstock
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