Apple Hospitality downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst Ari Klein downgraded Apple Hospitality REIT (APLE) to Market Perform from Outperform with a price target of $12, down from $14. Lodging demand remains uneven and even as it stabilizes, Apple’s recent update was a bit worse than expected, the analyst tells investors in a research note. The firm says that with shorter booking windows, the company’s low group exposure reduces visibility and provides less of a buffer in an already uncertain macro environment. Moreover, Apple Hospitality has one of the higher bars in the second half of the year from a guidance standpoint, adds BMO.