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INVH

Invitation Homes

$26.44

-0.63 (-2.33%)

, AMH

American Homes 4 Rent

$23.96

-0.38 (-1.56%)

08:38
06/27/19
06/27
08:38
06/27/19
08:38

Morgan Stanley raises price targets on six multifamily and SFR REITs

Morgan Stanley analyst Richard Hill said he is bullish on both multi-family and single-family rentership REITs, given his view of the demand for "defensive growth" and work that points to strong demand for housing over the near-term. Apartments can trade near the top end of the 5-year multiple range and single-family rental REITs can trade at premiums to apartments, contends Hill. He raised his price target on Invitation Homes (INVH) shares to $31 from $23.50, on American Homes 4 Rent (AMH) to $27.50 from $21, on Essex Property Trust (ESS) to $320 from $292, on AvalonBay (AVB) to $217 from $194, on Equity Residential (EQR) to $79 from $70 and on UDR, Inc. (UDR) to $48 from $43. He has Overweight ratings on Invitation and Essex and Equal Weight ratings on the four other REITs mentioned.

INVH

Invitation Homes

$26.44

-0.63 (-2.33%)

AMH

American Homes 4 Rent

$23.96

-0.38 (-1.56%)

ESS

Essex Property Trust

$286.29

-5.76 (-1.97%)

AVB

AvalonBay

$199.93

-3 (-1.48%)

EQR

Equity Residential

$75.09

-1.22 (-1.60%)

UDR

UDR, Inc.

$44.13

-0.96 (-2.13%)

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    Jun

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    Jul

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    Jul

INVH Invitation Homes
$26.44

-0.63 (-2.33%)

06/09/19
EVER
06/09/19
UPGRADE
EVER
Outperform
Invitation Homes upgraded to Outperform from In Line at Evercore ISI
02/26/19
MZHO
02/26/19
UPGRADE
Target $24
MZHO
Buy
American Homes 4 Rent upgraded to Buy from Neutral at Mizuho
Mizuho analyst Haendel St. Juste upgraded American Homes 4 Rent (AMH) to Buy with a $24 price target. Shares of American Homes offer "superior growth" versus peer Invitation Homes (INVH) and its Apartment REIT cousins, all at a better valuation and with fewer potential overhangs, St. Juste tells investors in a research note. He also believes the 2019 outlooks from American Homes and Invitation "provide incremental comfort and clarity" on key operating items, namely operating expense, that kept select investors on the sidelines since Fall 2018.
06/03/19
EVER
06/03/19
UPGRADE
Target $27
EVER
Outperform
Invitation Homes upgraded to Outperform from In Line at Evercore ISI
Evercore ISI analyst Steve Sakwa upgraded Invitation Homes to Outperform from In Line and raised his price target for the shares to $27 from $26.
12/18/18
EVER
12/18/18
DOWNGRADE
EVER
In Line
Invitation Homes downgraded to In Line at Evercore ISI
As previously reported, Evercore ISI downgraded Invitation Homes to In line from Outperform and trimmed its price target to $23 from $24. Analyst Steve Sakwa believes the street is too aggressive on 2019 earnings expectations combined with concerns regarding its inability at current debt levels to be a net acquirer, remaining concerns over expense control, and a 43% concentrated investor who will look to exit shares if valuation improves.
AMH American Homes 4 Rent
$23.96

-0.38 (-1.56%)

06/11/19
SBSH
06/11/19
DOWNGRADE
Target $25
SBSH
Neutral
American Homes 4 Rent downgraded to Neutral from Buy at Citi
Citi analyst Nicholas Joseph downgraded American Homes 4 Rent to Neutral from Buy with an unchanged price target of $25. After outperforming its residential peers and real estate investment trusts year-to-date, the analyst sees a more fair valuation for American Homes at current share levels. In addition, risks include potential higher same store expense growth as preliminary property tax values are trending above expectations year-to-date as well as development execution, Joseph tells investors in a research note.
11/26/18
GSCO
11/26/18
UPGRADE
Target $24
GSCO
Buy
American Homes 4 Rent upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Andrew Rosivach upgraded American Homes 4 Rent to Buy and raised his price target for the shares to $24 from $21. Even after disappointments, the company "should be a growth leader," Rosivach tells investors in a research note.
11/26/18
GSCO
11/26/18
UPGRADE
Target $24
GSCO
Buy
Goldman Sachs upgrades American Homes to Buy with $24 price target
Goldman Sachs analyst Andrew Rosivach upgraded American Homes 4 Rent to Buy from Neutral and raised his price target for the shares to $24 from $21. Even after disappointments, the company "should be a growth leader," Rosivach tells investors in a research note. The analyst believes his price target is merited since the company's 11% 2019 estimated funds from operations growth rate is more than twice as much as the peer set and four times that of the REIT sector. While cognizant that American Homes "has been a source of expectations disappointment," he thinks lower expectations and valuation reduce downside risk.
ESS Essex Property Trust
$286.29

-5.76 (-1.97%)

06/18/19
BARD
06/18/19
DOWNGRADE
Target $302
BARD
Neutral
Essex Property Trust downgraded to Neutral from Outperform at Baird
Baird analyst Drew Babin downgraded Essex Property Trust to Neutral from Outperform while raising his price target for the shares to $302 from $297. The analyst views the current valuation as "fair."
04/01/19
EVER
04/01/19
DOWNGRADE
EVER
In Line
Essex Property Trust downgraded to In Line from Outperform at Evercore ISI
03/25/19
BTIG
03/25/19
DOWNGRADE
BTIG
Neutral
Essex Property Trust downgraded to Neutral from Buy at BTIG
BTIG analyst James Sullivan downgraded Essex Property Trust to Neutral as part of his broader Apartment Monthly research note. The analyst cites continued declines in Orange County rental rate growth while the rent growth in Los Angeles markets have turned flat even as the national rental growth rate has increasing since mid-2018. Sullivan adds that Esses Property Trust has the "largest exposure to Southern California" in his coverage, noting that weakness in Orange County was not a surprise, but the "overall top line growth on new leases" is also coming in below his model.
02/07/19
02/07/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. PPL Corp. (PPL) downgraded to In Line from Outperform at Evercore ISI. 2. Essex Property Trust (ESS) downgraded to Hold from Buy at Jefferies with analyst Omotayo Okusanya saying the fundamental rent growth outlook for the company remains solid as job growth on the West Coast continues to outpace the rest of the nation. 3. Omega Healthcare (OHI) downgraded to Hold from Buy at Stifel with analyst Chad Vanacore citing valuation. 4. FormFactor (FORM) downgraded to Hold from Buy at Craig-Hallum with analyst Christian Schwab saying at current share price levels, he sees limited upside in the near-term, and notes that management has limited visibility regarding memory demand in the current environment. 5. Dunkin' Brands (DNKN) downgraded to Neutral from Buy at Kalinowski. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
AVB AvalonBay
$199.93

-3 (-1.48%)

05/16/19
BARD
05/16/19
UPGRADE
Target $215
BARD
Outperform
AvalonBay upgraded to Outperform from Neutral at Baird
Baird analyst Drew Babin upgraded AvalonBay to Outperform from Neutral and raised his price target to $215 from $198, citing "opportune" exposure to improving East Coast markets including Boston, NYC and Northern VA, as well as an AFFO multiple that fails to adequately reflect the REIT's earnings growth trajectory or sector-leading balance sheet.
05/08/19
MZHO
05/08/19
DOWNGRADE
MZHO
Neutral
AvalonBay downgraded to Neutral from Buy at Mizuho
05/08/19
MZHO
05/08/19
DOWNGRADE
Target $210
MZHO
Neutral
AvalonBay downgraded to Neutral from Buy at Mizuho
Mizuho analyst Haendel St. Juste downgraded AvalonBay to Neutral from Buy citing valuation and development risk. The analyst has a $210 price target for the shares.
05/16/19
BARD
05/16/19
UPGRADE
BARD
Outperform
AvalonBay upgraded to Outperform from Neutral at Baird
EQR Equity Residential
$75.09

-1.22 (-1.60%)

05/23/19
ARGS
05/23/19
NO CHANGE
Target $84
ARGS
Buy
Equity Residential price target raised to $84 from $80 at Argus
Argus analyst Jacob Kilstein raised his price target on Equity Residential to $84 and kept his Buy rating, saying the REIT is positioned to benefit from two key catalysts. The analyst points to favorable demographics and "above average rental pricing" - a key target market for Equity Residential - as many young professionals' need for a single family home is "delayed" by a later start in having a family. Kilstein also cites the pause in interest rate tightening by the Federal Reserve.
04/01/19
EVER
04/01/19
DOWNGRADE
EVER
Underperform
Equity Residential downgraded to Underperform from In Line at Evercore ISI
02/14/19
ARGS
02/14/19
NO CHANGE
Target $80
ARGS
Buy
Equity Residential price target raised to $80 from $71 at Argus
Argus analyst Jacob Kilstein raised his price target on Equity Residential to $80 and kept his Buy rating after its in-line Q4 earnings. The analyst says the company should benefit from "above-average rental pricing, employment growth, the appeal of city amenities, the high cost of home ownership relative to income, and the flexibility of rentals." Kilstein further cites Equity Residential's revenue growth and margin expansion outpacing its rising costs.
04/11/19
RAJA
04/11/19
UPGRADE
RAJA
Market Perform
Equity Residential upgraded to Market Perform at Raymond James
UDR UDR, Inc.
$44.13

-0.96 (-2.13%)

12/19/18
JPMS
12/19/18
UPGRADE
Target $45
JPMS
Overweight
UDR, Inc. upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Anthony Paolone upgraded UDR, Inc. to Overweight and raised his price target for the shares to $45 from $42. The analyst made 20 ratings changes in conjunction with his 2019 REIT outlook. He's bullish on residential and industrial REITs, sees a relatively improved outlook for health care and net lease, and is more bearish on malls and office REITs.
03/11/19
GSCO
03/11/19
DOWNGRADE
Target $39
GSCO
Sell
UDR, Inc. downgraded to Sell from Neutral at Goldman Sachs
Goldman Sachs analyst Andrew Rosivach downgraded UDR, Inc. to Sell and lowered his price target for the shares to $39 from $43.
03/11/19
GSCO
03/11/19
NO CHANGE
GSCO
Goldman upgrades Kilroy and Hudson Pacific to Buy, cuts UDR to Sell
Goldman Sachs analyst Andrew Rosivach upgraded both Kilroy Realty (KRC) and Hudson Pacific Properties (HPP) to Buy from Neutral saying both companies should be able to provide greater overall earnings growth relative to residential and office real estate investment trusts. The analyst also downgraded UDR, Inc. (UDR) to Sell from Neutral within the context of his Neutral coverage views for Apartments and Office. UDR's earnings growth will slow given a smaller contribution from development in forward years, Rosivach tells investors in a research note.
03/11/19
GSCO
03/11/19
DOWNGRADE
GSCO
Sell
UDR, Inc. downgraded to Sell on slowing growth at Goldman Sachs
As previously reported, Goldman Sachs analyst Andrew Rosivach downgraded UDR, Inc. to Sell from Neutral and cut its price target to $39 from $43. Rosivach expects earnings growth to slow given reduced contribution from development in forward years.

TODAY'S FREE FLY STORIES

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

14:17
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07/18
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Technical Analysis
NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

14:16
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NYSE market internals summary »

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PEIX

Pacific Ethanol

$0.66

-0.0008 (-0.12%)

14:14
07/18/19
07/18
14:14
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14:14
Hot Stocks
Hightower Advisors reports 8.17% passive stake in Pacific Ethanol »

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AAPL

Apple

$204.77

1.45 (0.71%)

, SWKS

Skyworks

$81.00

0.85 (1.06%)

14:12
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07/18
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On The Fly
Street Fight: Apple upgraded on 5G iPhone hopes as analysts diverge on Skyworks »

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AAPL

Apple

$204.77

1.45 (0.71%)

SWKS

Skyworks

$81.00

0.85 (1.06%)

QCOM

Qualcomm

$74.67

-1.08 (-1.43%)

03/08/13
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  • 30

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QCOM

Qualcomm

$74.67

-1.08 (-1.43%)

14:09
07/18/19
07/18
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14:09
Initiation
Qualcomm initiated  »

Qualcomm initiated with a…

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  • 31

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MSFT

Microsoft

$135.02

-1.21 (-0.89%)

, AMZN

Amazon.com

$1,958.83

-33.58 (-1.69%)

14:05
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07/18
14:05
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14:05
Periodicals
Trump says he's considering looking into Pentagon's JEDI contract, CNBC says »

U.S. President Donald…

MSFT

Microsoft

$135.02

-1.21 (-0.89%)

AMZN

Amazon.com

$1,958.83

-33.58 (-1.69%)

03/08/13
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03/06/13
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  • 18

    Jul

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EGBN

Eagle Bancorp

$44.62

-8.81 (-16.49%)

14:02
07/18/19
07/18
14:02
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14:02
Downgrade
Eagle Bancorp rating change  »

Eagle Bancorp downgraded…

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  • 18

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14:00
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General news
Breaking General news story  »

New York Federal Reserve…

13:55
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07/18
13:55
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13:55
Conference/Events
Federal Reserve Bank of New York president delivers keynote address »

New York Federal Reserve…

CAMP

CalAmp

$10.59

-0.23 (-2.13%)

13:55
07/18/19
07/18
13:55
07/18/19
13:55
Conference/Events
CalAmp participates in a conference call with Northland »

Conference call with…

03/08/13
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  • 18

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    Aug

ADMP

Adamis Pharmaceuticals

$1.22

-0.03 (-2.41%)

13:54
07/18/19
07/18
13:54
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13:54
Hot Stocks
Adamis Pharmaceuticals, kaleo Inc agree to settle all litigation »

Adamis Pharmaceuticals…

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  • 24

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PPG

PPG

$116.58

-0.025 (-0.02%)

13:54
07/18/19
07/18
13:54
07/18/19
13:54
Earnings
PPG sees unfavorable currency translation impact on Q3 sales of $30M-$50M »

"Looking ahead,…

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  • 18

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PPG

PPG

$116.49

-0.115 (-0.10%)

13:49
07/18/19
07/18
13:49
07/18/19
13:49
Hot Stocks
PPG says Q2 EPS impacted by lower global industrial production »

According to prepared…

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  • 18

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  • 05

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ZBRA

Zebra Technologies

$180.92

-16.74 (-8.47%)

13:40
07/18/19
07/18
13:40
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13:40
Options
Notable vol spike in Zebra Technologies as shares sell off »

Notable vol spike in…

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  • 30

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TELL

Tellurian

$6.98

0.31 (4.65%)

13:40
07/18/19
07/18
13:40
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13:40
Recommendations
Tellurian analyst commentary at Stifel »

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JLL

Jones Lang LaSalle

$140.05

0.585 (0.42%)

13:32
07/18/19
07/18
13:32
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13:32
Conference/Events
Jones Lang LaSalle management to meet with Mizuho »

Meeting with EVP Monahan…

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  • 24

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GOSS

Gossamer Bio

$19.60

-0.48 (-2.39%)

13:30
07/18/19
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Options
Gossamer Bio call volume spikes on November purchase wit shares at 52wk lows »

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13:25
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Conference/Events
Cowen healthcare/biotech analysts to hold an analyst/industry conference call »

Healthcare Technology…

PEP

PepsiCo

$132.17

-0.6 (-0.45%)

13:24
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Periodicals
Breaking Periodicals news story on PepsiCo »

PepsiCo in talks to buy…

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13:20
07/18/19
07/18
13:20
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13:20
General news
Treasury's $14 B 10-year TIPS sale was on the soft side »

Treasury's $14 B…

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

13:17
07/18/19
07/18
13:17
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13:17
Technical Analysis
NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

13:16
07/18/19
07/18
13:16
07/18/19
13:16
Technical Analysis
NYSE market internals summary »

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UNIT

Uniti Group

$8.55

-0.03 (-0.35%)

13:15
07/18/19
07/18
13:15
07/18/19
13:15
Options
Uniti Group put volume heavy and directionally bearish »

Bearish flow noted in…

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  • 08

    Aug

13:09
07/18/19
07/18
13:09
07/18/19
13:09
General news
10-Yr TIPS Auction Coupon Rate data reported »

10-Yr TIPS Auction Coupon…

13:09
07/18/19
07/18
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13:09
General news
10-Yr TIPS Auction Total Amount data reported »

10-Yr TIPS Auction Total…

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