Invitation Homes falls after BofA lowers rating, cuts PT

Invitation Homes

24/09/2024 14:52

** Single-family residential REIT Invitation Homes' shares
 INVH.N  fall 2.5% to $35.60 in early market hours
    ** BofA downgrades rating to "neutral" from "buy", cuts PT
to $37 from $39
    ** Brokerage believes INVH may have overpromised on H2 2024
results citing softness in new lease rate growth, seasonality
trends
    ** Says supply would remain pressured, affecting co's rent
growth in 2025
    ** "These risks are balanced by strong demand for Single
Family Housing given the overall underbuilding of this housing
product since the Global Financial Crisis." - brokerage
    ** 12 brokerages rate the stock "buy" or higher and 11
"hold"; their median PT is $39 - LSEG data
    ** Up to last close, stock had risen 4.4% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))