Apollo Global price target lowered to $187 from $191 at Wells Fargo

Wells Fargo lowered the firm’s price target on Apollo Global (APO) to $187 from $191 and keeps an Overweight rating on the shares. The firm notes the stock pulled back on a fairly soft Q4 result. That said, core trends were solid, and Wells now expects estimates to reset to more reasonable levels including still strong FRE growth of 15%-20% and spread earnings +10% in 2025.