Evercore ISI upgraded Invitation Homes to Outperform from In Line with a price target of $37, down from $38. The analyst cites better supply/demand trends in single-family residence and the recent pullback in the stock, which provides a projected return of 21%, for the upgrade. Single-family continues to benefit from a housing shortage across the U.S. and elevated mortgage rates, which provide a strong backdrop for rent growth across most markets, the analyst tells investors in a research note. While Evercore expects rent growth and occupancy to moderate in the second half of 2023 and 2024 as the economy slows, it expects single family to outpace traditional apartment revenue growth.
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