On Monday, TD (TSX:TD) Cowen has increased its price target for Apollo Global Management (NYSE:APO) from $178.00 to $230.00. The firm has maintained a Buy rating on the stock.
This adjustment comes after the announcement on December 6 that S&P will include Apollo Global Management in the S&P 500 Index, effective December 23.
The stock responded positively to the news, indicating an uptick of 5-6% in value. TD Cowen anticipates that the shares will continue to build on these gains. The firm's analyst believes that the inclusion of Apollo Global Management in the index will further change the company's valuation approach, shifting towards price-to-adjusted net income (P/ANI) and price/earnings to growth (PEG) ratio.
TD Cowen introduced its 2026 estimated adjusted net income (ANI) for Apollo Global Management at $10.35 per share, which is over 10% higher than the company's own guidance. This optimistic projection contributed to the firm's decision to raise the price target for the stock.
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