Apollo Global price target lowered to $151 from $161 at JPMorgan

JPMorgan lowered the firm’s price target on Apollo Global (APO) to $151 from $161 and keeps an Overweight rating on the shares following the Q1 report. The company reported lower than expected summary results due to negligible principle investment income and spread related earnings coming in softer than the Street was modeling, the analyst tells investors in a research note. JPMorgan, however, sees potential for Apollo to be a “relative winner” for management fee growth in this environment, so long as the portfolio’s credit quality holds.