Apollo Global Management (APO) Coverage Initiated by RBC with Neutral View on Valuation

Apollo Global Management, Inc. (NYSE:APO) is included among the 13 Best Income Stocks with Highest Upside Potential.

On February 24, RBC Capital analyst Bart Dziarski initiated coverage of Apollo Global Management, Inc. (NYSE:APO) with a Sector Perform rating. The analyst set a $142 price target on the stock. The analyst said the company’s current valuation and consensus estimates already reflect its accelerating earnings growth. RBC said valuation was the main reason for assigning a neutral rating.

During the Q4 2025 earnings call, CEO Marc Rowan said Apollo delivered record financial results. Combined fee-related earnings and spread-related earnings reached $5.9 billion. He also reported adjusted net income of $5.2 billion, or $8.38 per share, reflecting strong performance across the business. Rowan said fee-related earnings totaled $2.5 billion for the year, representing a 23% increase compared with the prior year. Spread-related earnings reached $3.4 billion on a normalized basis, rising 9% year over year. He said the company’s performance was supported by strong activity levels and favorable market conditions.

He also highlighted record origination activity, with volume exceeding $300 billion. He said spreads remained strong, and capital formation reached record levels as well. The company generated $228 billion in inflows across its Athene and Asset Management platforms, marking the third straight year of record inflows. Rowan also discussed the company’s expansion beyond its traditional institutional investor base. He said Apollo now serves six different markets, including individual investors, insurance clients, institutional debt and equity investors, traditional asset managers, and the 401(k) market.

Apollo Global Management, Inc. (NYSE:APO) operates as a global alternative asset manager and retirement services provider. Its business includes Asset Management, Retirement Services, and Principal Investing segments.

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