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Credit Suisse upgrades Apollo, downgrades Carlyle, KKR

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Credit Suisse upgrades Apollo, downgrades Carlyle, KKR

Craig Siegenthaler from Credit Suisse upgraded Apollo Global Management LLC's stock rating to "outperform" from "neutral" and raised the price target to $42 from $39.

Siegenthaler wrote that the company's "differentiated insurance model effectively leverages third-party capital in permanent vehicles to provide high [fee-related earnings] growth."

The analyst raised his EPS estimate for the company to $2.56 from $2.45 for 2019.

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The analyst downgraded Carlyle Group LP's stock rating to "neutral" from "outperform" with a price target of $22.

The downgrade follows a lower relative 12-month forecast for total return.

According to the analyst, risks include slowing FRE growth and the company's ability to invest its "enormous dry-powder balance in attractive investments."

His EPS estimates for the company are $1.76 for 2019 and $2.91 for 2020.

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Siegenthaler downgraded KKR & Co.'s stock rating to "neutral" from "outperform" with a price target of $29.

He wrote in his report that the company's unique strategy combines its third-party asset management platform with a large source of permanent capital and its capital markets business. This will help compound the economic value of KKR shares at a high rate over the long run.

He is positive on the company's strategy to expand its franchise in both Europe and Asia.

Siegenthaler's EPS estimates for the company are $1.77 for 2019 and $1.93 for 2020.