Apple Hospitality REIT price target raised to $18 from $17 at Wells Fargo

Wells Fargo analyst Dori Kesten raised the firm’s price target on Apple Hospitality REIT to $18 from $17 and keeps an Overweight rating on the shares. The firm’s revised lodging models now reflect its economic outlook for a recession in 1H24, which results in limited EBITDA growth in 2024 over 2023, the analyst tells investors in a research note.