BofA Securities Upgrades Apple Hospitality REIT (APLE) to Buy

BofA Securities analyst Shaun Kelley upgraded Apple Hospitality REIT (NYSE: APLE) from Neutral to Buy with a price target of $17.00 (from $16.00).

The analyst comments "Along with our Q4 Lodging Earnings Preview (see report), we are upgrading Apple Hospitality (ticker: APLE) from Neutral to Buy as 1) location, geographic and segment mix all skew favorably to this select service portfolio, 2) capital needs are limited given the low average age of the assets and 3) its dividend yield is above peers. We raise our price objective to $17 from $16 as we roll forward our target EBITDA multiple to 2025E, which is still 12x and is in-line with the historical average of select service peers."

For an analyst ratings summary and ratings history on Apple Hospitality REIT click here. For more ratings news on Apple Hospitality REIT click here.

Shares of Apple Hospitality REIT closed at $15.16 yesterday.

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