Invitation Homes downgraded to In Line from Outperform at Evercore ISI

Evercore ISI downgraded Invitation Homes to In Line from Outperform with an unchanged price target of $36. Since the start of 2024, Invitation has been the best performing stock within the residential sector, the analyst tells investors in a research note. While the firm continues to like the single family rental space over apartments due to the stickier nature of the renter base, limited new construction of homes across the U.S. and elevated mortgage rates, it sees limited upside in estimates and therefore less upside in the stock.