Apple Hospitality REIT initiated with an Outperform at BMO Capital

BMO Capital initiated coverage of Apple Hospitality REIT (APLE) with an Outperform rating and $18 price target Apple Hospitality is the largest pure-play select-service lodging real estate investment trust “with a high quality and diversified portfolio,” the analyst tells investors in a research note. The firm is positive on the company as it believes Apple “provides defensive characteristics but can also benefit from potential RevPAR improvement.”