Invitation Homes upgraded on external growth avenues at Oppenheimer

Oppenheimer upgraded Invitation Homes to Outperform from Perform with a $35 price target. Rent growth and occupancy are normalizing, but should remain above pre-COVID levels next year amid higher mortgage rates and limited inventory, the analyst tells investors in a research note. Meanwhile, several headwinds for Invitation’s operating expenditures are also expected to moderate, says the firm. It believes these factors should drive an acceleration in same store operating income growth in 2024. Invitation Homes is unique in the real estate investment trust space given it has “multiple avenues for external growth and ample liquidity,” contends Opco.