American Homes 4 Rent downgraded to Outperform from Strong Buy at Raymond James

Raymond James analyst Buck Horne downgraded American Homes 4 Rent to Outperform from Strong Buy with a price target of $36, down from $45. The downgrade reflects Horne’s more cautious outlook on American Homes 4 Rent’s same-store expense growth, but tells investors in a research note that he remains very constructive on American’s ability to accretively grow its portfolio through its in-house development program. The analyst believes shares are already discounting a significant housing recession and realistic declines in existing home prices.