Citizens Cuts Invitation Homes Price Target, Flags Local Oversupply Pressures
Citizens reduced its price target for Invitation Homes to $35 from $40 while retaining a Market Outperform rating, citing oversupply in some markets that has driven new lease rate growth to -4.1% in the latest quarter. Same-store net operating income rose 0.7% despite the drop in new lease rates. The stock trades near its 52-week low, yields 4.67%,…