Invitation Homes initiated with a Buy at UBS

UBS analyst Michael Goldsmith initiated coverage of Invitation Homes with a Buy rating and $38 price target. The company has a well positioned infill portfolio at an attractive valuation, the analyst tells investors in a research note. The firm believes there’s a “long runway” for single family rental demand with a U.S. housing shortage, aging millennials and the high cost of home ownership. Further, Invitation’s infill product should see limited supply with its well positioned tenant base absorbing rent increases, the analyst tells investors in a research note.