Evercore ISI upgraded Invitation Homes to Outperform from In Line with an unchanged price target of $37. Q2 core FFO of 47c per share matched consensus, but was a penny below the firm’s estimate, says the analyst, who noted that Invitation raised the mid-point of core FFO by a penny to $1.87, which compares to the firm’s revised estimate of $1.88. Despite the minimal changes to estimates and the guidance outlook, Invitation’s stock fell nearly 8% on Thursday as investors seemed concerned by the modest downward revision in top line growth, though the firm believes the pullback creates a good entry point.
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