Piper Sandler has reaffirmed an Overweight rating on Apollo Global Management and left its price target unchanged at $165 following Apollo’s fourth quarter 2025 financial release. That target equates to roughly a 23% upside from the then-current share price of $133.97, and InvestingPro metrics indicate the shares are slightly undervalued against a Fair Value assessment.
In a note accompanying the rating, the research firm praised the quarter, pointing to intact distribution capacity and ongoing earnings-per-share strength. Piper Sandler emphasized the benefits of Apollo’s role as both an asset and liability originator, saying the integrated model supports significant flow generation from existing lines of business while permitting the firm to incubate and scale new ventures. InvestingPro’s financial health metric for Apollo also registers as "GOOD," a characterization cited alongside the firm’s operational commentary.
Apollo reiterated the growth targets it has been tracking: 10% growth for spread-related earnings, 20% growth for fee-related earnings and a goal of 100 basis points of annual FRE margin expansion. Piper Sandler described the margin-expansion objective as reasonable in the context of Apollo’s business model and recent performance.
The firm’s exposure to software assets was noted as minimal, comprising less than 2% of assets under management. Meanwhile, returns at Apollo Debt Solutions were described as continuing to perform strongly, reinforcing the firm’s narrative around diversified sources of return.
Piper Sandler previously designated Apollo as its top pick for 2026, a position the research house attributed to what it characterized as a "flywheel" effect in the firm’s ability to generate and compound business growth across product lines.
Those analyst views came alongside Apollo’s published fourth quarter results, which materially exceeded analyst expectations. The firm reported earnings per share of $2.47, above the consensus forecast of $2.04. Revenue for the quarter came in at $9.86 billion, well ahead of the anticipated $5.3 billion figure.
Following the release, Wolfe Research reiterated an Outperform rating on Apollo and maintained a $166 price target.
Additionally, Apollo announced an executive leadership change in its regional management, naming Diego De Giorgi as Head of EMEA. De Giorgi will succeed Rob Seminara and joins Apollo with prior roles at Standard Chartered, Bank of America Merrill Lynch and Goldman Sachs, as noted in the company’s announcement.
Separately, Clear Channel Outdoor Holdings agreed to be acquired by Mubadala Capital in partnership with TWG Global in a definitive all-cash transaction valued at $6.2 billion. The offer equates to $2.43 per share and represents a 71% premium to Clear Channel’s unaffected share price prior to reports of the potential deal.
Taken together, the analyst commentary, the earnings beat and the leadership appointment underline active strategic and operational developments at Apollo, while the Clear Channel transaction highlights a significant takeover in the out-of-home advertising space. Each item contributes to a period of heightened activity across asset management and media-adjacent sectors.
Summary of facts:
- Piper Sandler reiterated Overweight on Apollo and kept a $165 price target.
- The price target implies roughly a 23% upside from $133.97.
- InvestingPro flagged Apollo as slightly undervalued and assigned a "GOOD" financial health score.
- Apollo reaffirmed targets: 10% SRE growth, 20% FRE growth and 100 basis points of annual FRE margin expansion.
- Q4 2025 results: EPS $2.47 versus $2.04 expected; revenue $9.86 billion versus $5.3 billion expected.
- Wolfe Research reiterated an Outperform rating with a $166 target.
- Diego De Giorgi named Head of EMEA, succeeding Rob Seminara.
- Clear Channel agreed to be acquired for $6.2 billion in cash at $2.43 per share, a 71% premium.