BMO Capital analyst Etienne Ricard lowered the firm’s price target on Apollo Global (APO) to $116 from $135 and keeps a Market Perform rating on the shares as part of a broader research note on Alternative Asset Manager names. Issues are piling up, with BDC redemptions, credit issues at Asset-Based Finance markets, AI-driven disruption weighing on performance, and market volatility now raising uncertainty around realizations, the analyst tells investors in a research note. Credit spreads are also widening and fraud allegations raise questions around underwriting and downside protection, the firm added.
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