TD Cowen Cuts Apollo Global Management (APO) Price Target to $154

TD Cowen has reiterated its Buy rating on Apollo Global Management with a target price of $154 as of October 12, 2026, a 37.92% upside from the current price.

By EarningsIQ Research Desk · Published Oct 16, 2026, 2:05 PM EDT

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TD Cowen cut its price target on Apollo Global Management, Inc. ($APO) to $154 from $159 on October 12, 2026, and rates the stock "Buy".

Since the rating, $APO is down 7.1% to date (from the $119.22 close on Oct 12, 2026).

APO Apollo Global Management, Inc.

$110.78 -23.49% year to date

Daily close · Oct 16, 2026

Key Points

TD Cowen reiterated its Buy rating on Apollo Global Management with a target price of $154, down from $159.
TD Cowen's $154 price target implies 37.92% upside from Apollo Global Management, Inc.'s ($APO) current $111.66 share price.
Recently, Apollo Global Management traded around $111.66, which is below its target and moving averages.
The firm has a market cap of about $66.1 billion and reported a revenue growth of 63.8% year-over-year.

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Not investment advice. EarningsIQ is not a registered investment adviser, and this automated Apollo Global Management, Inc. alert may contain errors. Disclosures

TD Cowen has reiterated its Buy rating on Apollo Global Management, Inc. (NYSE: APO) with a revised price target of $154, lower than the previous target of $159. This update was issued on October 12, 2026.

TD Cowen's Call on Apollo Global Management

TD Cowen's recent assessment maintains a positive outlook on Apollo Global Management while adjusting its price target. The stock is currently trading at approximately $111.66 as of October 16, 2026, which is significantly lower than the new target. This suggests a potential upside for investors if the stock can close the gap to the target price.

Other Institutional Activity in Apollo Global Management

Several institutional investors have adjusted their positions in Apollo Global Management. Blackrock Inc. trimmed its stake by 1,315,991 shares, now holding 33,224,455 shares valued at about $3.68 billion. Vanguard Capital Management LLC increased its holdings slightly by 16,908 shares, bringing its total to 28,196,855 shares worth approximately $3.12 billion. FMR, LLC added 2,243,829 shares, raising its stake to 24,220,604 shares valued at around $2.68 billion. Meanwhile, Capital Research Global Investors reduced its position by 2,209,795 shares, now holding 23,972,610 shares worth about $2.66 billion, and State Street Corporation added 260,917 shares to reach 19,878,764 shares valued at about $2.20 billion.

Apollo Global Management, Inc. Stock Down 1.5%

Apollo Global Management is currently trading below its 50-day moving average of $126.93 and its 200-day moving average of $125.20, indicating a downward trend. The stock is about 27.2% below its 52-week high of $153.29, but it is 12.2% above its 52-week low of $99.56. This position reflects a challenging market environment for the stock, despite its solid fundamentals.

12-month forecast

$APO price target

Apollo Global Management, Inc. daily closes and this analyst's $154 target. Not advice.

Recent Earnings

Apollo Global Management reported trailing twelve-month revenue of approximately $35.6 billion, with a year-over-year revenue growth of 63.8%. The company posted earnings per share (EPS) of $2.79. Its next earnings report is scheduled for November 3, 2026, which will provide further insights into its financial health.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

C 59/100

Reported May 6, 2026

Forward outlook
3 analysts raised price targets.
EPS & revenue
EPS missed estimates by 0.5%. Revenue missed estimates by 8.2%.
Profit surprise
EBITDA missed by 81 percent. Operating income missed by 78 percent.
Pre-earnings setup
Bar was high, analysts already very bullish.
Analyst signal
3 target raises.
Earnings quality
Gross margin up 5.9 points. Operating margin down 20.9 points. Positive free cash flow.

Earnings Call Summary

Apollo had a strong quarter in origination at $71 billion and capital formation at $115 billion, though overall revenue fell short at $4.93 billion versus $5.37 billion expected and adjusted earnings of $1.94 per share missed the $1.98 consensus. Management stressed they are being defensive about geopolitical and economic risks while remaining well positioned to grow through their large origination pipeline and $40 billion in Athene cash.

Guidance Management reaffirmed its outlook for 20 percent growth in fee-related earnings and 10 percent growth in spread-related earnings in 2026, assuming an 11 percent return on alternative investments. No change to prior guidance despite the weaker quarter.

Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Insider Buying and Selling at Apollo Global Management, Inc.

Insider transactions have included several sales by key executives. Chief Financial Officer Martin B. Kelly sold 7,000 shares at an average price of $134.64 on May 14, 2026, totaling about $942,514. Additionally, on May 27, 2026, Officer John P. Zito sold 48,644 shares valued at approximately $6.36 million. Kelly also sold another 3,000 shares at $140.84 on August 14, 2026, worth about $422,535.

Analysts Set New Price Targets

On October 12, 2026, TD Cowen maintained its Buy rating on Apollo Global Management with a target price of $154, down from $159. This follows a series of ratings from other firms, including UBS, which maintained a Buy rating with a target of $172 on August 5, 2026, and JP Morgan, which rated the stock as Overweight with a target of $154 on September 2, 2026. The consensus target price among analysts is currently $150.10, with 20 analysts providing opinions on the stock.

About Apollo Global Management

Apollo Global Management, Inc. is a leading private equity firm specializing in various investment strategies, including credit, private equity, infrastructure, secondaries, and real estate. The firm operates in both private and public markets, making it a significant player in the financial services sector. This recent analyst rating from TD Cowen highlights the firm's ongoing efforts to navigate a competitive investment landscape.

Bottom Line

Investors should keep an eye on Apollo Global Management as it approaches its next earnings report on November 3, 2026. The stock's current position relative to its target and moving averages suggests potential volatility ahead, particularly as the market reacts to upcoming financial results.