BofA Lifts PT on Apollo Global Management (APO) to $167 From $161 - Here's Why

Apollo Global Management, Inc. (NYSE:APO) is one of the best cheap blue chip stocks to buy according to analysts. On February 24, BofA lifted the price target on Apollo Global Management, Inc. (NYSE:APO) to $167 from $161 while maintaining a Buy rating on the shares. The firm told investors that it is revising EPS estimates for several of its covered brokers, asset managers, and exchanges that recently reported earnings.

Apollo Global Management, Inc. (NYSE:APO) also received a rating update from RBC Capital on February 23. The firm initiated coverage of the stock with a Sector Perform rating and a $142 price target, citing valuation for the neutral rating. It told investors in a research note that the stock’s current valuation and consensus estimates already reflect the company’s accelerating earnings growth.

In a separate development, Apollo Global Management, Inc. (NYSE:APO) announced on February 20 that Apollo-managed funds invested $1 billion in subordinated hybrid notes issued by Aldar Properties PJSC. Management stated that the investment builds on the company’s long-term strategic partnership with Alder, which is a leading UAE-based real estate developer and investment manager. It also marks Apollo Global Management’s (NYSE:APO) fifth investment in Aldar since 2022, bringing aggregate commitments to $2.9 billion to date.

Apollo Global Management, Inc. (NYSE:APO) provides asset management services. The company’s operations are divided into the following segments: Asset Management, Retirement Services, and Principal Investing.

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Disclosure: None. This article is originally published at Insider Monkey.