Why Has Canaccord Genuity Given Apple Hospitality REIT (NYSE:APLE) a $23 Price Target
In recent note distributed to Clients on Wednesday, 16 December, Canaccord Genuity analyst has today began coverage for Apple Hospitality REIT (NYSE:APLE) shares with a Buy rating. The target PPS is set to $23.
From a total of 2 analysts covering Apple Hospitality REIT (NYSE:APLE) stock, 2 rate it a ”Buy”, 0 a “Sell”, and 1 a ”Hold”. This means that 67% of the ratings are positive. The highest target price is $23 while the lowest target price is $22. The mean of all analyst targets is $22.5 with a 4.88% above today’s ($20.5) stock price. Apple Hospitality REIT was the topic of 4 analyst reports since August 28, 2015 according to the firm StockzIntelligence Inc. Ladenburg Thalmann downgraded shares on November 11 to “Neutral” rating. Robert W. Baird initiated APLE stock in a recent report from August 28 with “Outperform” rating.
The stock closed the day at $20.5 during the previous session. It is down 6.00% since November 16, 2015 and is uptrending. It has outperformed by 8.62% the S&P500.
Apple Hospitality REIT, Inc. is a real estate investment trust . The company has a market cap of $3.57 billion. The Firm owns portfolios of upscale, select service hotels in the United States. It has 23.79 P/E ratio. The Company’s portfolio is diversified across the Hilton and Marriott families of brands with locations in urban, suburban and developing markets.
According to Zacks Investment Research, “Apple Hospitality REIT, Inc. is a real estate investment trust. Its portfolio consists of hotels, guest rooms and resorts. The company operates primarily in the United States. Apple Hospitality REIT, Inc. is headquarted in Richmond, VA.”