Raymond James Downgrades Apollo Global Management (NYSE: APO) Amid Private Credit Concerns

Font: Financial Modeling Prep  • May 11, 2026

• Analyst firm Raymond James has downgraded Apollo Global Management to a Market Perform rating, signaling potential concerns for the global investment manager.
• Despite the downgrade, Apollo Global Management remains active in strategic deal-making, expanding its portfolio in the events sector.
• Investor worries are escalating regarding private credit funds, particularly those exposed to software companies, impacting Apollo's financial outlook.

Analyst firm Raymond James has downgraded Apollo Global Management (NYSE: APO) to a Market Perform rating. Apollo Global Management is a global investment manager that invests in credit, private equity, and real assets. The downgrade occurred on May 11, 2026, when Apollo's stock price was $131.75.

Despite the rating change, Apollo remains active in deal-making. As highlighted by The Wall Street Journal, the firm has struck deals to acquire two live-events businesses, Emerald Holding and Questex. Apollo plans to combine these two companies, expanding its portfolio in the events sector.

The downgrade may reflect concerns in its credit business. Apollo is in talks to sell a $3 billion private credit fund, as reported by both Barron's and The Wall Street Journal. Private credit involves lending money directly to companies, often those that cannot easily get loans from banks.

Investor worries are growing about private credit funds making bad loans to software companies threatened by AI. This concern is amplified as Apollo's publicly listed BDC, MidCap Financial Investment Corp., recently reported a $61 million loss. A BDC is a company that invests in small or mid-sized businesses.

Currently, Apollo shares are trading at $131.66, a daily decrease of 1.16%. The stock has a 52-week range between $99.56 and $157.28. The company's market capitalization, or total value of all its shares, stands at approximately $75.9 billion.