BofA downgraded Apple Hospitality REIT (APLE) to Neutral from Buy with a price target of $11.50, down from $15. While low end softness and the government shutdown have outsized impacts on select service brands, the firm is also increasingly concerned about a K-shaped recovery weighing on corporate demand, the analyst tells investors. Following the last two weeks’ earnings reports, the firm is incrementally more cautious on the near-term RevPAR outlook among its lodging coverage, the analyst tells investors.
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