UPDATE: Invitation Homes (INVH) PT Raised to $50 at JMP Securities

JMP Securities analyst Aaron Hecht raised the price target on Invitation Homes (NYSE: INVH) to $50.00 (from $45.00) after the company reported core FFO per share of $0.38, 2c above broker expectations.

The analyst reiterated an Outperform rating, stating "Results reflected better-than-expected NOI driven by a 64% NOI margin vs our estimate of 61%. During the quarter, blended lease rates increased 11% with renewals up 8% and new leases up 18%. Occupancy continues to remain almost full at 98.1% on only 6% turnover. In addition to revising guidance upwards, the company also increased its full-year acquisition target to $1.7B-$1.8B from $1B. We prefer the INVH portfolio compared to peers given its geographic exposure and the fact that its homes are located in mature communities with limited supply growth opportunities. We are buyers of the stock as our $50 price target implies 24% capital appreciation plus a 2% yield for 26% total implied return."

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