Apple Hospitality REIT upgraded to Buy at BofA

As previously reported, BofA analyst Dany Asad upgraded Apple Hospitality REIT (APLE) to Buy from Neutral with a price target of $17, up from $16, as the firm rolls forward its target EBITDA multiple to 2025. Location, geographic and segment mix all “skew favorably to this select service portfolio,” says the analyst, who also notes limited capital needs given the low average age of the REIT’s assets and a dividend yield above its peers.