The lower price target comes after the New York-based investment company reported weaker-than-expected results for the 2016 fiscal fourth quarter on Thursday.
Apollo Investment posted earnings of 20 cents per share, missing analysts' estimates by one cent. Revenue was $85.3 million, below analysts' forecasts of $90 million.
"While the operating environment is challenging, we believe AINV has various levers to pull to be able to maintain its current dividend and consider the 25%+ discount to NAV attractive," Jefferies wrote in a note.
While headwinds have persisted, the firm said the company has been able to sustain net operating income around its dividend and Jefferies anticipates this will continue given fee waivers and the lower cost of funds.
Shares of Apollo Investment closed down 5.81% to $5.35 on Thursday.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its good cash flow from operations and expanding profit margins.
However, the team also finds weaknesses including disappointing return on equity, deteriorating net income and a generally disappointing performance in the stock itself.
You can view the full analysis from the report here: AINV