Argus lowered the firm's price target on Apollo Global to $160 from $168 and keeps a Buy rating on the shares. The company's Q1 results were helped by a step-up in fee-related earnings and higher realized performance fees, and the firm intends to look for growth in both fee- and spread-related assets as a near- and long-term earnings driver, the analyst tells investors in a research note. The outlook for monetization activity will improve given well-functioning capital markets and an improved regulatory environment for merger & acquisition activity, the firm added.
