BTIG upgraded Apollo Commercial (ARI) to Buy from Neutral with an $11 price target The firm had projected a nine month resolution for the company’s hospital loans, but says Apollo Commercial completed the workout in less than three months. Additionally, following a switch in sales brokers, Steinway Tower has experienced a material uplift in sales since mid-2024, the analyst tells investors in a research note. BTIG now expects Apollo’s $288M senior mezzanine loan to convert to a senior secured loan in Q2 as the current senior mortgage is repaid. It also believes the company is well positioned to “weather potential tariff-induced headwinds.”
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