Wolfe Research analyst Keegan Carl last night downgraded Invitation Homes to Peer Perform from Outperform without a price target after assuming coverage of the name. The analyst also downgraded the single-family rental space to Market Weight. The sector "has had a great run since the onset of the pandemic," but will face a number of challenges which will impact 2023 earnings growth, Carl tells investors in a research note. The operating environment will get more challenging for the space, including a return to seasonality, a difficult external growth environment, and concerns surrounding bad debt, writes the analyst. He says "peak fundamentals" are behind the sector.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on INVH: