Goldman Sachs initiated coverage of Invitation Homes with a Buy rating and $46 price target. A major investment theme running through the residential real estate investment trusts is that declining supply is creating a “unique internal and external growth environment for well-positioned companies,” the analyst tells investors in a research note. For single family like Invitation, the firm believes the confluence of demographics, home affordability, and migratory trends is creating a “robust” demand environment which will lead to reaccelerating same store revenue growth in 2025 and 2026, when competitive rental supply headwinds begin to subside.
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