Morgan Stanley analyst Michael Cyprys maintains a “Buy” rating on Apollo Global Management, Inc. (NYSE:APO) citing healthy growth potential, particularly in the retirement services business, Athene. The company is anticipated to see growth reacceleration in 2026 and 2027 after headwinds in 2024-2025.

Cyprys highlights Apollo Global Management’s capability to achieve 10% annual growth in spread-related earnings through 2029. Factors contributing to this growth include an aging population driving demand for retirement products and Athene’s competitive advantages in origination scale, operating efficiency, and credit selection.

Apollo Global Management anticipates generating approximately $880 million of spread-related earnings in Q4 2025. The company notes Athene as a strong capital generator with $9 billion of deployable capacity, including excess equity, undrawn ADIP capital, and untapped leverage.

Apollo Global Management is a private equity firm specializing in credit, private equity, infrastructure, secondaries, and real estate markets. The firm’s focus on various investment sectors provides diversification and growth opportunities.

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Read more at Yahoo Finance: Morgan Stanley Maintains Bullish Stance on Apollo Global Management (APO) Stock