Global Research 1 EFTA_R1_01406697 EFTA02386542 Apollo Global Management Upgrading to Buy on positive results and = more favorable FRE, return, & dist outlook Rating Change: BUY PO: 27.00 USD Price: 22.13 USD Equity 1 06 February =017 Key takeaways • =/span>We are upgrading APO to Buy from =eutral on