Wells Fargo analyst Todd Stender resumed coverage of American Homes 4 Rent with an Equal Weight rating and $29 price target. The analyst likes the single family rental business model and and believes American Homes can remain as one of the leaders in the space over the intermediate-to-long term. However, the company's current posture to grow more from new development may carry a higher risk profile while maintaining a flat dividend payment through at least 2020, which could limit the total return prospects, Stender tells investors in a research note.