Invitation Homes PT Cut to $31 on Softer Rental Pricing Outlook
Evercore ISI lowered Invitation Homes’ price target from $33 to $31, cutting its revenue growth forecast after a 4.1% drop in new lease rates. In Q4 2025, revenues rose 4.0% to $685 million, core FFO advanced 1.3% to $0.48 per share and same-store NOI climbed 0.7%.
1. Price Target Reduction
Evercore ISI cut Invitation Homes’ price target from $33 to $31, retaining an Outperform rating and reducing its revenue growth projection. The firm cited a softer rental pricing environment, marked by a 4.1% decline in new lease rates, as the primary driver of the adjustment.
2. Q4 and Full-Year Operating Results
In the fourth quarter, Invitation Homes reported revenue of $685 million, up 4.0%, core FFO of $0.48 per share, up 1.3%, and same-store NOI growth of 0.7%—supported by a 4.2% increase in renewal rents and 95.9% average occupancy. Full-year revenues rose 4.2% to $2.73 billion, AFFO increased 1.8% to $1.63 per share, and core FFO advanced 1.7% to $1.91.