Invitation Homes falls after RBC cuts to 'sector perform'

Invitation Homes

09/09/2024 16:23

**  Single-family residential REIT Invitation Homes' shares
 INVH.N  fall 1% to $35.56 in early market hours
    ** RBC Capital Markets downgrades INVH's stock to "sector
perform" from "outperform", cuts PT to $36 from $37
    ** Brokerage says INVH's July-August leasing spreads show
further deceleration, while lower lease renewals during the same
period show higher tenant pushback on rate increases
    ** RBC Capital Markets notes improving housing inventory
could potentially become a headwind as mortgage rates move lower
    ** Says co's expiring interest rate swaps present a headwind
to 2025 earnings
    ** Three brokerages rate INVH stock "strongbuy", 10 "buy"
and 10 "hold"; their median PT is $39 - LSEG data
    ** Up to previous close, stock down 4.3% YTD

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