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On Tuesday, Redburn-Atlantic initiated coverage on shares of Apollo Global Management (NYSE:APO) with a Buy rating and set a price target of $153. The firm's assessment highlights the market's hesitancy to fully acknowledge the company's performance, particularly since the acquisition of its primary insurance business, Athene.
The analyst from Redburn-Atlantic pointed out that Apollo Global Management's stock has been trading at a discount compared to its sector. This is attributed to the company's balance sheet-intensive approach and potential concerns regarding its credit exposure should there be a downturn in economic and credit quality.
Despite these market concerns, the analyst believes that Apollo's risks are being overstated. The firm is recognized for creating a unique ecosystem and has a solid track record of execution which, according to the analyst, has not been fully appreciated by the market.
The new price target of $153 reflects a positive outlook on Apollo Global Management's ability to navigate the market's concerns. The analyst argues that the company's current valuation does not fully reflect its accomplishments and potential, suggesting an undervaluation by investors.
Apollo Global Management's strategy and performance will continue to be a focal point for investors as they consider the insights provided by Redburn-Atlantic's initiation of coverage.
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