Invitation Homes gains as Oppenheimer turns bullish

Invitation Homes

30/10/2023 13:43

** Shares of Invitation Homes  INVH.N  up 2.7% at $29.58
early Mon after Oppenheimer upgrades single-family home leasing
REIT to "outperform" from "perform"
    ** Brokerage sets PT $35, implying nearly 22% upside to
stock's Fri close
    ** Rent growth and occupancy normalizing, but should remain
above pre-COVID levels next year, driven by challenges for
homeownership due to elevated mortgage rates and limited
inventory, Oppenheimer analyst Tyler Batory wrote in note to
clients
    ** Batory says INVH shares currently trade near a trough
multiple at 15.7x his NTM core FFO (funds from operations)
estimate, and below stock's ~21x average since 2017
    ** Now, 12 of 21 analysts rate INVH "buy" or "strong buy",
rest rate "hold"; median PT is $36.50, according to LSEG data
    ** INVH's stock last Thurs hit over 2-1/2-year low after co
trimmed top end of its annual core FFO forecast by 2 cents to
$1.75-$1.79
    ** With move on the session, shares down 0.4% YTD and off
about 8% over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))