Apple Hospitality falls after BMO downgrades to 'market perform', cuts PT

Apple Hospitality REIT APLE.N down nearly 1.5% at $12 in premarket

BMO downgrades rating to 'market perform' from 'outperform', cuts price target to $12 from $14

New PT is still 2% above stock's last close

Brokerage says co continues to face uneven lodging demand, with shorter booking windows and limited group business exposure further constraining long-term visibility amid ongoing macroeconomic uncertainty

Adds co reported a 4% year-over-year decline in April revenue per available room (RevPAR), coming in 50 basis points below expectations, while occupancy trends remained subdued through May

Two of eight brokerages rate the stock " strong buy" ,and six "hold"; their median PT is $13- data compiled by LSEG

As of last close, stock had fallen 23.3% YTD