Apple Hospitality REIT price target lowered to $19 from $20 at Barclays

Barclays analyst Anthony Powell lowered the firm’s price target on Apple Hospitality REIT to $19 from $20 and keeps an Overweight rating on the shares. The analyst expects lodging real estate investment trusts to initiate relatively conservative 2024 earnings guidance in terms of RevPAR growth and margins, yet the firm expresses optimism regarding group bookings, stabilization of leisure demand, and continued improvement in business transient demand.