Invitation Homes (INVH) PT Raised to $32 at Mizuho Securities

Mizuho Securities analyst Haendel St. Juste raised the price target on Invitation Homes (NYSE: INVH) to $32.00 (from $29.00) while maintaining a Neutral rating following results.

The analyst commented, "INVH posted a solid 3Q19 print highlighted by FY19 ssRev / ssNOI guidance raises with strong top line revenue growth (blended rents +30bps YOY) and low turnover (-40bps YOY) key tailwinds. That said, another quarter of elevated operating expenses (r/e taxes, taxes and R&M) continue to weigh on ssNOI / margins. We expect a similar refrain (strong top-line / elevated expenses) from peer AMH who reports next week. Net-net, we remain fans of INVH and of the SFR sector, but we also think its valuation fairly reflects the n/t opportunity."

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