BTIG downgraded Invitation Homes to Neutral from Buy without a price target. The analyst continues to see generally positive demand trends in the U.S. housing market but says “several confounding factors” are causing concern. Invitation’s portfolio is heavily weighted towards markets with potential near-term challenges, including Florida and California, the analyst tells investors in a research note. In addition, the company’s recent acquisition of 1,900 homes highlights the challenges with traditional acquisition channels in single-family rentals currently, says the firm.
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