Apollo Global Management (APO) Stock: December 2, 2025 News, Morgan Stanley Upgrade and 2026 Growth Outlook

Apollo Global Management, Inc. (New) (NYSE: APO) entered December with a busy news day and a clear growth narrative that is catching Wall Street’s attention. On December 2, 2025, Apollo’s stock closed at $132.08, up 0.53% on the session, with after-hours trading nudging the price to $132.80. ^[1]

Behind that modest price move sits a dense cluster of headlines: a fresh Goldman Sachs conference appearance, a Bank of England private-credit stress test, a Morgan Stanley upgrade and 20%+ growth forecasts, a high‑profile movie-studio auction where Apollo is helping finance a mega‑bid, and new macro commentary from Apollo’s own chief economist. Together, they help shape the current investment story for APO stock.

Below is a structured, Google‑News‑ready look at all the key news, forecasts and analyses tied to Apollo Global Management as of December 2, 2025.

1. Apollo stock on 2 December 2025: price action and basic stats

On Tuesday, December 2, 2025, Apollo Global Management shares traded in a relatively tight range:

Open: $131.56
High: $133.47
Low: $131.01
Close: $132.08 (+0.53% on the day)
Volume: ~1.57 million shares ^[2]

According to StockAnalysis, the close implies:

A 12‑month price range of roughly $102.58 to $189.49 (low/high) for APO, indicating that shares currently sit well below their 52‑week peak. ^[3]
A market capitalization of around $76.3 billion as of December 2, 2025. ^[4]

Apollo remains one of the world’s largest alternative asset managers. The company’s own December 2 press release notes that assets under management (AUM) stood at $908 billion as of September 30, 2025, underscoring its scale across credit, private equity, real estate and retirement services. ^[5]

2. Key Apollo headlines dated December 2, 2025

2.1 Apollo to present at Goldman Sachs 2025 US Financial Services Conference

Apollo’s most direct company-specific news on December 2 was a formal investor-relations announcement:

Apollo announced that CEO and Chair Marc Rowan will take part in a fireside chat at the Goldman Sachs US Financial Services Conference on Wednesday, December 10, 2025 at 8:00 a.m. ET.
The event will be webcast live on Apollo’s investor relations site, with a replay available for those who can’t attend live. ^[6]

The same release reiterates Apollo’s positioning as a “high-growth, global alternative asset manager” and confirms the $908 billion AUM figure as of Q3 2025. ^[7]

Investor takeaway:
The Goldman Sachs conference slot is a high‑visibility platform where Rowan can update large institutional investors on:

Fee‑related earnings (FRE) growth,
Spread‑related earnings from Athene’s retirement platform, and
The firm’s long‑term AUM and capital deployment targets.

Given Apollo’s recent guidance for 20%+ growth in fee‑related earnings in 2026, investors will be watching for any refresh or refinement of those targets. ^[8]

2.2 Jim Zelter: M&A volume “north of $5 trillion” in 2025

On the morning of December 2, Apollo President Jim Zelter featured in coverage highlighting a very robust backdrop for deal‑making:

Zelter said that global M&A activity is on track to exceed $5 trillion in 2025, reaching near‑record levels.
He linked part of this surge to a more permissive regulatory stance toward large industrial mergers under the Trump administration. ^[9]

Why this matters for APO stock:

A $5‑trillion‑plus M&A environment is effectively a deal super‑cycle. For Apollo, that means:

A rich pipeline of financing mandates, from leveraged loans to structured and asset‑backed deals.
More opportunities to deploy capital from its credit and private equity strategies at scale.
Increased relevance as a capital solutions provider to corporates and sponsors.

Zelter’s comments also dovetail with Apollo’s Q3 2025 earnings call, where management framed the firm as a beneficiary of structural shifts in corporate finance and private credit. ^[10]

2.3 Zelter’s 2026 outlook: “Amazingly resilient” US economy

A companion headline on December 2 focused on Zelter’s forward-looking macro view:

In another Yahoo/Bloomberg‑syndicated piece, summarized by SwingTradeBot, Zelter “looks ahead to 2026”, highlighting the strength of M&A markets and describing the US economy as “amazingly resilient.” ^[11]

This tone meshes with Apollo’s own internal macro research. In Apollo Academy’s Daily Spark blog on the same date, Chief Economist Torsten Sløk cited Congressional Budget Office estimates that the “One Big Beautiful Bill” will boost US GDP growth by about 0.9% in 2026, largely because businesses will be allowed to immediately expense capital expenditures such as equipment and R&D. ^[12]

Investor takeaway:

Zelter and Sløk together paint a backdrop of:

Strong macro tailwinds for investment and capex,
A resilient US economy, and
A supportive environment for Apollo’s origination and deployment engines in 2026.

That macro framework helps explain why both management and analysts are comfortable underwriting double‑digit earnings growth over the next couple of years. ^[13]

2.4 Apollo joins Bank of England private credit stress test

Another significant December 2 development: regulatory scrutiny of private credit—with Apollo front and center.

A Zacks article carried by Nasdaq reports that Blackstone, KKR and Apollo have agreed to participate in a Bank of England private‑credit stress test. ^[14]

Key points from the piece:

The BoE wants to understand how the rapidly grown, opaque private-credit market would hold up under a major financial shock.
The stress test will likely involve banks, insurers and pension funds as well as large private credit providers like Apollo.
Regulators are concerned about leverage, liquidity and data gaps in this asset class, and about spillover risks to the broader financial system. ^[15]

Investor takeaway:

For Apollo:

Participation underscores that it is a systemically important player in private credit.
It may face heightened regulatory reporting and transparency requirements over time.
Successfully navigating such stress tests could reassure institutional clients and support long‑term capital formation, even if the short‑term narrative involves more regulatory headlines.

2.5 Paramount’s Warner Bros bid: Apollo as key debt financier

The Hollywood deal race for Warner Bros. Discovery also intersected with Apollo on December 2.

A detailed report in the Los Angeles Times on the Paramount, Comcast and Netflix bids for Warner Bros. Discovery notes that:

“Paramount’s bid provides debt financing from Apollo Global Management and sovereign wealth funds from Saudi Arabia, Qatar and the United Arab Emirates…” ^[16]

In other words:

Apollo is backing Paramount’s largely cash‑based bid with structured debt financing, alongside Middle Eastern sovereign wealth funds. ^[17]

Investor takeaway:

This illustrates Apollo’s deal role as:

A large‑scale lender and arranger in high‑profile, complex transactions.
A firm that can leverage its origination platform and relationships to generate attractive risk‑adjusted yields, often with strong collateral.

Such deals can feed both fee‑related earnings (through management and transaction fees) and spread-related earnings where Apollo holds credit exposure on balance sheet.

2.6 Marc Rowan’s political comments and reputational risk

Not all December 2 news was purely financial.

Bloomberg Law and other outlets covered remarks by CEO Marc Rowan at the UJA‑Federation of New York Wall Street Dinner, where he referred to New York Mayor‑elect Zohran Mamdani as an “enemy” of the Jewish people, citing perceived use and normalization of antisemitism in political campaigns. ^[18]

The fundraiser reportedly drew about 1,900 attendees and raised $57 million for the nonprofit. ^[19]

Investor takeaway:

For fundamentals, the immediate impact may be limited.
From an ESG and reputational standpoint, such politicized comments by a CEO can introduce:
- Headline risk,
- Potential friction with certain stakeholders, and
- Longer‑term brand considerations, particularly where public officials and large public‑sector allocators are involved.

Investors increasingly weigh these factors when assessing governance quality and long‑run franchise value.

2.7 Apollo’s own macro blog: 0.9% GDP boost in 2026

As noted above, Torsten Sløk’s December 2 Daily Spark post on Apollo Academy, “Significant Fiscal Boost Coming in 2026”, argues that:

The CBO projects the “One Big Beautiful Bill” will lift US GDP growth by ~0.9 percentage points in 2026, due mainly to immediate expensing of capital expenditures. ^[20]

Why this matters for APO:

Stronger growth and incentivized capex can stimulate demand for financing, especially in infrastructure, industrial and energy projects that align with Apollo’s “industrial renaissance” theme. ^[21]
It bolsters the backdrop for Apollo’s goal of 20%+ fee‑related earnings growth and higher origination volumes in 2026. ^[22]

3. Analyst upgrades, forecasts and valuation views as of December 2, 2025

3.1 Morgan Stanley upgrade: Overweight, 20%+ FRE growth

The pivotal driver of the current analyst narrative is Morgan Stanley’s recent upgrade:

On November 20, 2025, Morgan Stanley raised Apollo from Equal‑Weight to Overweight and lifted its price target from $151 to $180. ^[23]
The bank expects fee‑related earnings (FRE) growth above 20%, supported by:
- Strong fundraising and deployment,
- Expansion of the retirement platform, and
- Differentiated origination in private credit and asset‑backed finance. ^[24]
Morgan Stanley’s model also looks for EPS growth of roughly 7% in 2025, 18% in 2026 and 20% in 2027, highlighting a multi-year earnings acceleration. ^[25]

A December 2 article summarised on SwingTradeBot—“How Morgan Stanley’s Upgrade and Asia-Pacific Focus Could Shape Apollo Global Management (APO) Investors’ Outlook”—reiterates that:

Apollo’s appearance at the Morgan Stanley Asia-Pacific Summit in Singapore, with Partner Brigitte Posch representing APAC credit strategies, supports the thesis of global origination expansion and earnings momentum. ^[26]

3.2 Consensus: Strong Buy rating, mid‑$160s price target

According to StockAnalysis, as of the close on December 2:

13 Wall Street analysts covering APO have a consensus rating of “Strong Buy.”
The average 12‑month price target is $164.77, implying about 24.75% upside from $132.08.
Targets range from a low of $138 to a high of $190. ^[27]

MarketWatch’s analyst estimate page (where accessible) is broadly consistent, with roughly 20 analysts and an average target in the low $160s, also implying double‑digit upside from current levels. ^[28]

From a valuation‑model perspective, Simply Wall St’s December 1 narrative:

Puts fair value at about $158.22 per share, roughly 20% above the current price, based on its internal forecasts.
Shows community fair‑value estimates ranging from ~$110 to ~$202.60, underscoring that investor views on risk and execution vary widely. ^[29]

3.3 Revenue and EPS forecasts through 2027

StockAnalysis aggregates Wall Street forecasts that imply a somewhat unusual mix of normalizing revenue but rising earnings per share:

Revenue 2024: $25.89B
Forecast 2025 revenue: $16.01B (down ~38%, reflecting lower non‑recurring revenue and mark‑to‑market items) ^[30]
Forecast 2026 revenue: $22.62B (+41% vs. 2025) ^[31]

Despite the dip in reported revenue, EPS is expected to grow:

2024 EPS: 7.33
2025 EPS forecast: 8.07 (+10.1%)
2026 EPS forecast: 9.37 (+16.2%) ^[32]

This pattern reflects:

A shift toward higher‑margin fee‑related earnings,
Scaling of the retirement business, and
Management’s focus on operating leverage and spread‑related earnings.

Apollo’s own guidance—discussed on its Q3 2025 call and in a November 4 Seeking Alpha note—targets 20%+ growth in fee‑related earnings and around 10% growth in spread‑related earnings in 2026, broadly consistent with these consensus trends. ^[33]

3.4 Narrative‑driven analyses: 20%+ earnings growth and execution risk

Several recent analyses center on a “20% plus earnings growth” theme, but they also underscore risk.

Insider Monkey’s November 23 article “Why Apollo Global Management, Inc. (APO) Could Deliver Over 20% Earnings Growth” highlights the Morgan Stanley upgrade, the higher $180 target and the view that Apollo can deliver more than 20% growth in fee‑related earnings, while acknowledging macro and execution risks. ^[34]
Simply Wall St’s December 1 narrative emphasizes:
- The importance of converting institutional capital and product innovation into higher fee‑related earnings,
- Execution risks around resource alignment and scaling origination,
- A base‑case scenario that leads to the ~20% upside fair value mentioned earlier. ^[35]
A Webull‑hosted analysis points to Apollo’s focus on the “global industrial renaissance”—particularly energy and infrastructure—as well as expanding retirement and guaranteed‑income products, arguing that these themes could boost origination, revenue and margins over time. ^[36]

At the same time, some commentary from early November labeled Apollo “oversold” following a pullback, suggesting that sentiment had become overly negative versus fundamentals—a view that has since been partly vindicated as the stock recovered into the $130s. ^[37]

4. Business fundamentals and strategic positioning

4.1 Apollo’s platform today

Apollo describes itself as a “high‑growth, global alternative asset manager” with a fully integrated platform spanning: ^[38]

Credit & private credit (including direct origination and asset‑backed finance),
Private equity,
Real assets and infrastructure, and
Retirement services, primarily through Athene, which provides annuities and other retirement products.

Key structural points:

AUM of $908B as of 30 September 2025, with ambitions to reach $1 trillion by 2026 and potentially $1.5 trillion by 2029, according to earlier Reuters coverage. ^[39]
A strategic push to partner with traditional asset managers and wealth platforms, distributing private‑market strategies to high‑net‑worth and retail investors, as highlighted by CEO Marc Rowan in earlier Financial Times reporting. ^[40]
A growing presence in real estate, including a $1.5 billion all‑stock acquisition of Bridge Investment Group, which added roughly $50B of real‑estate AUM and lifted Apollo’s real‑estate platform to about $110B, though still smaller than Blackstone’s. ^[41]

4.2 Long‑term growth levers

Taking the December 2 news flow together with prior guidance, Apollo’s current bullish narrative rests on four main levers:

Fee‑related earnings growth:
- Driven by fundraising, AUM growth, and scaled origination.
- Management is explicitly targeting 20%+ FRE growth in 2026. ^[42]
Spread‑related earnings from retirement services:
- Athene’s expanding balance sheet and product mix support around 10% growth in spread‑related earnings in 2026. ^[43]
Origination scale and private credit leadership:
- Participation in the BoE stress test underscores Apollo’s systemic relevance in private credit but also its opportunity set. ^[44]
Macro tailwinds for capex and industrial “renaissance”:
- Sløk’s 0.9‑point GDP boost estimate and management commentary on industrial and infrastructure investment suggest a fertile environment for Apollo’s capital solutions. ^[45]

5. Risks and balanced view

Even with a Strong Buy consensus and 20–25% implied upside, investors and analysts continually flag several risks:

Regulatory and political risk:
- Participation in systemic stress tests could eventually bring tighter oversight or capital constraints to parts of Apollo’s business. ^[46]
- Senior leadership’s public political comments—like Rowan’s December 2 remarks—can introduce reputation and relationship risks with public officials and certain LPs. ^[47]
Execution risk:
- Achieving >20% FRE growth and double‑digit EPS growth requires flawless execution across fundraising, origination, and integration of acquisitions (such as Bridge). ^[48]
Market and credit risk:
- Private credit is growing quickly but remains less transparent and more levered than traditional bank lending—precisely why central banks are testing it. Any severe downturn could pressure valuations, spreads and default rates. ^[49]
Valuation risk:
- While current targets imply upside, Apollo has already rallied substantially over the last couple of years. A shift in rates, risk appetite or flows into alternatives could compress multiples or slow AUM growth.

6. What December 2, 2025 means for Apollo shareholders

Pulling the day’s news and the surrounding forecasts together, December 2, 2025 reinforces several core points about Apollo Global Management stock:

Positives:

The Goldman Sachs conference appearance gives management another chance to sell the growth story and clarify 2026 targets. ^[50]
Morgan Stanley’s upgrade and a Strong Buy consensus back a view of double‑digit earnings growth and ~25% upside over 12 months. ^[51]
Macro commentary from both Zelter and Sløk aligns around a resilient US economy and fiscal tailwinds into 2026, supportive of high origination volumes. ^[52]
Apollo’s role in the Warner Bros. auction financing and in BoE’s stress test highlights its stature and opportunity set in global private credit and corporate finance. ^[53]

Challenges and watch‑items:

Private credit’s growing systemic footprint means more regulatory scrutiny and data demands. ^[54]
Leadership’s outspoken political stance may polarize stakeholders and could become an ESG factor for some allocators. ^[55]
The growth plan leaves little margin for execution missteps; any slowdown in fee or spread‑related earnings could weigh on the high‑growth narrative. ^[56]

7. Further reading on Apollo Global Management (APO)

Final note (not investment advice)

All figures above are as of the close on December 2, 2025 and may change. Forecasts and price targets are inherently uncertain and based on assumptions that may not hold. This article is for informational purposes only and does not constitute financial advice, a recommendation, or an offer to buy or sell any security. If you are considering investing in Apollo Global Management, Inc. (APO), it’s wise to:

Review the company’s latest 10‑K/10‑Q filings and investor presentations,
Listen to recent earnings calls and the upcoming Goldman Sachs conference appearance, and
Consider speaking with a qualified financial adviser who understands your specific risk tolerance and portfolio objectives.