The upgrade reflects stronger-than-expected leasing activity and potential guidance increases amid legislative tailwinds for single-family rentals.
Wells Fargo upgraded Invitation Homes (INVH) to Overweight from Equal Weight, raising its price target to $33 from $31. The firm cited a better-than-feared spring leasing season and the 21st Century ROAD to Housing Act as key catalysts for growth.
Prior to the upgrade, Scotiabank and Mizuho adjusted their price targets to $30 and $31, respectively, while maintaining neutral ratings. Analysts noted valuation pressures after a strong start to the year but highlighted Invitation Homes’ completed share repurchases and improved revenue outlook.
Wells Fargo also named INVH a top residential pick for Q2 earnings, suggesting the stock’s valuation does not yet reflect its growth potential.