Invitation Homes downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Chandni Luthra downgraded Invitation Homes to Neutral from Buy with a price target of $35, down from $38. The analyst remains constructive on the strong demand for housing given the "shortage crisis," but thinks that for Invitation Homes, "bad debt continues to be a headwind to same-store revenue in 2023, despite strong fundamentals." In addition, higher property taxes will put more pressure on the company’s same-store expense in 2023, Luthra tells investors in a research note.