KeyBanc lowered the firm’s price target on Invitation Homes (INVH) to $34 from $38 and keeps an Overweight rating on the shares. The firm views Invitation’s 340 bps underperformance vs. the Residential REITs following Q4 earnings as overdone. While the call offered limited near-term catalysts surrounding either an improvement in fundamentals or clarity around the proposed ban on institutional SFR ownership, KeyBanc views current risks and the operating backdrop to be priced in at a 13% AFFO multiple discount.
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