Mizuho analyst Haendel St. Juste lowered the firm’s price target on Invitation Homes (INVH) to $36 from $37 and keeps a Neutral rating on the shares. The analyst is “incrementally constructive” on single family rentals and believes the subsector can work in the second half of 2024 given favorable pricing power, demand tailwinds and a better “GARP profile” than most other subsectors. The subsector also looks attractive relative to apartments, trading near parity to coastal apartments but with better growth potential into 2025, the analyst tells investors in a research note. It prefers shares of American Homes 4 Rent (AMH) to Invitation Homes.
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