Apple Hospitality REIT downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded Apple Hospitality REIT to Equal Weight from Overweight with a price target of $17, down from $18. While Wells would typically lean into Apple Hospitality heading into a recessionary period due to its geographically diverse, Upper Midscale/Upscale-heavy portfolio which tends to be more recessionary resistant, the firm does not expect Apple Hospitality’s growth vs. peers to show as well, the analyst tells investors in a research note. The firm could become more constructive if the expectation for a mild recession proves to be wrong.