09:45 AM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We think APO can grow and capture market in private credit, private equity, and insurance. We keep our $130 target on a forward P/E of 16.5x, above the five-year historic average at 15.0x. We cut our '24 EPS view to $7.85 (from $8.00, consensus $7.75) and keep '25's at $9.00. We see positive growth and greater transparency in APO's business segments - Asset Management and Retirement Services, including wealth and insurance. Athene is a great insurance franchise for retirement services as APO will likely raise $70B in '24. APO posted Q1 24 EPS of $1.72, a $0.03 consensus miss. Total AUM was $671B (+12% Y/Y), with fee-based AUM at $506B (+14% Y/Y; 84% yield or debt, 10% equity, and 6% hybrid). Asset management inflows were +$40B in Q1 24 and $140B LTM. Q1 deployments were $57B and $122B LTM. Retirement Services net spread related earnings rose 19%. APO ended Q1 24 with $395B (+16% Y/Y) in perpetual capital, which is 60% of APO's total AUM (not exposed to cyclical fundraising) and $58B of "dry powder" to invest.