Invitation Homes downgraded to Neutral from Buy at Mizuho

Mizuho analyst Haendel St. Juste downgraded Invitation Homes (INVH) to Neutral from Buy with a price target of $32, down from $33. The analyst remains a long-term fan of Invitation’s "well-established platform," but sees incremental internal and external headwinds that indicate the stock is relatively fairly valued with a less-compelling risk/reward profile versus direct peers. The firm believes American Homes 4 Rent (AMH) warrants a premium valuation versus Invitation Homes given comparable core growth potential, "more sticky" external growth and less litigation risk.