Apollo's Strong Q3 Results Propel Price Forecast Upgrade — Analyst Highlights Asset Growth And Future Potential

Apollo Global Management, Inc. 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 LBO and Fidelity Disruptive Finance ETF FDFF.

Price Action: APO shares are up 9.78% at $163.86 at the last check Wednesday.

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