Wells Fargo downgraded Invitation Homes (INVH) to Equal Weight from Overweight with a price target of $38, up from $37. The firm cites its 2025 revenue and single family supply analysis for the downgrade. The analyst now favors AMH (AMH) to Invitation Homes given its better expected 2025 sales growth, more geographic diversification and Midwest exposure. The Q2 reports “showed bifurcation” between AMH and Invitation Homes portfolio metrics as AMH posted stronger and blended lease rate growth coupled with accelerating occupancy, the analyst tells investors in a research note. Wells points out that Invitation Homes anticipates new lease pricing peaked in May and June.
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