Apollo Global price target lowered to $138 from $191 at Citi

Citi lowered the firm’s price target on Apollo Global (APO) to $138 from $191 and keeps a Buy rating on the shares. The firm reduced estimates across the board in the broker and asset manager group to reflect a pushout of a capital markets recovery and lowered performance fee expectations. Citi moderated fundraising expectations, saying lower capital returns to limited partnerships could create incremental headwinds and further delay fundraising cycles.