Raymond James started coverage on Apollo Global Management (NYSE:APO) with a Strong Buy rating and a $173 price target, highlighting the recent decline in the stock as a compelling entry point for investors.

Despite a 22% drop year-to-date, analysts see Apollo as well-positioned for robust long-term growth, citing its targeted 15% annual EPS increase through 2029. Key contributors to that trajectory include accelerating inflows from global wealth and retirement services, along with potential upside from acquisitions and new product launches.

Apollo is expected to ramp global wealth flows to $20 billion annually by 2025–2026, a sharp rise from $12 billion in 2024, and is aiming for a $30 billion annual average through 2029. The firm’s newly introduced asset-backed credit offerings are also gaining traction, with analysts noting growing interest from wealth clients for yield-generating, collateralized investments.

Additionally, Apollo’s retirement services segment continues to deliver, with projected flows exceeding $75 billion annually in the next two years. Although the firm has temporarily stepped back from the pension risk transfer market due to ongoing legal issues, Raymond James believes Apollo remains well placed to re-enter and expand its presence once conditions stabilize.