Zacks Downgrades Apple Hospitality REIT Stock Rating to 'Hold'

Apple Hospitality REIT (NYSE: APLE) saw its stock rating downgraded by equities research analysts at Zacks Research from a 'strong-buy' to a 'hold' rating in a report released on Thursday.

The downgrade comes as the company's quarterly earnings data for August 5th showed revenue of $402.55 million, beating analysts' consensus estimates of $391.88 million. The REIT reported EPS of $0.28 for the quarter, exceeding expectations by $0.01.

Despite this, several analysts have issued reports on APLE in recent months, with Wells Fargo & Company boosting its target price from $15.00 to $17.00 and giving the stock an 'equal weight' rating. BMO Capital Markets increased its price target on Apple Hospitality REIT from $14.00 to $16.00, while Barclays reissued an 'equal weight' rating with a $17.00 price target.

The company's holdings encompass over 200 hotels featuring more than 30,000 guest rooms across the United States. Institutional investors have also been active in APLE, with State Street Corp growing its stake in the REIT by 0.5% in the fourth quarter.