Wells turns cautious on private-equity

|By:, SA News Editor

Both KKR and Apollo Global (NYSE:APO) are cut to Market Perform from Outperform, with analyst Chris Harris saying he sees risk as we approach the latter stages of the credit cycle. Both stocks had big runs from about the 2nd half of 2012 through the end of last year, but they've spent 2014 giving back some of those gains.

Apollo is lower by 23% YTD while KKR is down about 5%.