As previously reported, Morgan Stanley analyst Michael Cyprys downgraded Apollo Global (APO) and Carlyle Group (CG), each to Equal Weight from Overweight, stating that he sees growing risk to portfolio harvesting and dividends and favors discount brokers in a more volatile, late cycle environment. On Apollo, he said he now has less conviction that cash performance fees can accelerate over the next 12 months given the more volatile market backdrop. On Carlyle, he sees risk to growing cash performance fees with increased market volatility. Cyprys lowered his price target on Apollo shares to $34 from $42 and cut his price target on Carlyle shares to $23 from $31.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Carlyle-backed oil pipeline company Crescent Midstream is weighing a possible sale after drawing takeover interest, Bloomberg's Gillian Tan reports, citing people with knowledge of the matter. The company, which could be valued at roughly $1.3B including debt, has hired an advisor to help it explore options, Tan notes. Reference Link