阿波罗全球管理四季度财报超预期，高盛上调目标价

Core Insights - Apollo Global Management reported Q4 2025 earnings per share of $2.47, exceeding market expectations of $2.04 by 21.08% [1] - The company's revenue reached $986 million, significantly surpassing the expected $530 million by 86.04% [1] - Assets under management surged by 25% to $938 billion, with a projected growth of over 20% in fee-related earnings for 2026 [1] Institutional Views - Goldman Sachs maintained a "Buy" rating for Apollo Global Management, raising the target price from $157 to $165 due to strong fundraising prospects and expanded capital market revenues [2] - Morgan Stanley previously upgraded its rating to "Overweight" with a target price of $180, but Goldman Sachs' perspective is currently more influential [2] Future Development - The company is shifting from aggressive investing to a more conservative defensive strategy, focusing on cleaning up its balance sheet and maintaining a "cash is king" approach [3] - Current market focus is on the reaction to the earnings report and growth guidance for 2026, considering potential macroeconomic pressures and regulatory changes as risks [3]