Apollo Global initiated with a Buy at Redburn Atlantic

Redburn Atlantic initiated coverage of Apollo Global with a Buy rating and $153 price target. The stock’s valuation discount reflects the balance sheet-intensive approach of the business and suggests concerns around the credit exposure Apollo carries in the event of broader economic and credit quality deterioration, the analyst tells investors in a research note. The firm argues that the market is overweighting these risks and has given the company insufficient credit for the “unique ecosystem it has built and its track record of execution.”