TD Cowen said the potential appointment of Apollo Global Management chief executive Marc Rowan would boost the stock and the wider alternative asset management industry. President-elect Donald Trump’s pick for Treasury secretary appears to be narrowly focused on Rowan, former Fed governor Kevin Warsh, Key Square Group founder and CEO Scott Bessant and Tennessee Republican Sen. Bill between Hagerty. Rowan and Warsh are expected to meet and hold talks with Trump at Mar-a-Lago as part of the selection process. “Overall, such an outcome would be positive for the industry as it would likely moderate regulatory risks while potentially accelerating the industry’s move into retirement,” analyst Bill Katz wrote in a note. Markets, even beyond his official remit, said Trump’s re-election platform includes efforts to deregulate the industry, which will promote large-scale transactions such as the private equity industry. The stock has risen 10% since the election, surpassing the S&P 500 index at the time. 2.6% gain. Shares of APO 1D rose more than 1% on Thursday. Katz also sees any “key man risk” for Apollo if Rowan is named to Trump’s cabinet. Limited. Analysts said fundamental momentum “is likely to remain strong.” Katz said possible CEO successors are co-presidents Jim Zelter and Scott Kleiman. Both were well-known and “very capable of execution,” he said. The analyst reiterated a Buy rating on the stock, citing a constructive setup heading into 2025. Apollo’s shares have soared 77% so far this year.
TD Cowen’s potential choice of Rowan as Treasury secretary would boost Apollo shares | Real Time Headlines
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