Raymond James raised the firm’s price target on Invitation Homes (INVH) to $39 from $36 and keeps an Outperform rating on the shares. Given the record-wide monthly payment spread relative to homeownership, Raymond James continues to see strengthening single-family rental demand and contributions from Invitation’s 3PM platform driving healthy revenue growth in a difficult economy, the analyst tells investors in a research note. The shares remain priced well below the fair market value of its housing portfolio while also offering compelling upside growth potential, the firm says.
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