Information Provided By:
Fly News Breaks for January 4, 2017
APO
Jan 4, 2017 | 06:29 EDT
Goldman analyst Alexander Blostein upgraded Apollo Global to Buy with a $24 price target. The analyst believes Apollo is entering an inflection period and expects distributable earnings growth of 38% CAGR through 2018 following three years of declines. Specifically, He believes the firm has the best earnings growth visibility through 2018 among peers as fee related earnings growth accelerates and a GSe $20bn flagship PE fund raise with additional upside potential from realized incentive fees as Fund VIII is likely to start realizing performance fees in 2018.
News For APO From the Last 2 Days
APO
Mar 27, 2024 | 06:17 EDT
In the 2020 trial, Mohammed Ali Rashid, a former senior partner at Apollo Global, was accused of violating his duty to investors, Sujeet Indap of The Financial Times. At the time, Judge Kevin Castel concluded Apollo had been mistakenly and systematically charging expenses to the underlying funds, reducing their net returns and increasing Apollo's cut of overall profits. Castle ruled Apollo's accounting department deserved "significant blame," but still ruled Rashid violated U.S. securities law. Now, in 2024, Apollo's practices are back under the microscope, with an appeals court recently reversing Castel's decision, agreeing with Rashid that the private equity firm's expense system was broken enough at the time that Rashid could not have anticipated the victims of his illicit spending spree were Apollo's partners. Reference Link