Invitation Homes price target lowered to $37 from $40 at Oppenheimer

Oppenheimer analyst Tyler Batory lowered the firm’s price target on Invitation Homes (INVH) to $37 from $40 given a less optimistic rent growth outlook, while keeping an Outperform rating on the shares. The firm notes the shares are down since reporting earnings Wednesday afternoon. Negative new lease rent growth in October and occupancy declines above historical seasonality disappointed investors, in Oppenheimer’s view. On the positive side, turnover is low, the OpEx outlook is improving, and supply pressures should moderate in 2025.