Invitation Homes Is An 'Attractive 2024 Story,' Says This Bullish Analyst
Invitation Homes Inc (NYSE:INVH) shares are on course to exit October with losses of around 7%.
Rent growth and occupancy are normalizing and should remain above the pre-COVID-19 pandemic averages in 2024, according to Oppenheimer.
The Invitation Homes Analyst: Tyler Batory upgraded the rating for Invitation Homes from Perform to Outperform, while establishing a price target of $35.
The Invitation Homes Thesis: While higher mortgage rates have widened the gap between the cost of renting and owning a home, limited inventory has made finding a home to purchase more difficult, both of which are tailwinds for the company, Batory said in the upgrade note.
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On the other hand, Invitation Homes faced several opex headwinds, which should moderate next year, the analyst stated. “These factors should drive an acceleration in same-store NOI growth in 2024,” he added.
“INVH is unique in the REIT space given it has multiple avenues for external growth and ample liquidity,” Batory further wrote.
INVH Price Action: Shares of Invitation Homes had risen by 1.32% to $29.18 at the time of publication Monday.
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