Wells Fargo cuts Invitation Homes PT amid slowing rental growth

Wells Fargo cuts price target on U.S. real estate investment trust Invitation Homes INVH.N to $28 from $31; reiterates "equal-weight" rating

New PT still represents a 4.4% upside to stock's last close

Wells Fargo says INVH's rent growth has slowed, as many of its properties are located in markets with significant new housing supply; new-lease rents declined more sharply and renewal rent increases were also smaller compared with last year

Brokerage cuts FY26/27 core funds from operations forecast to $1.93 from $1.98/$2.00 from $2.08

Median PT of 24 brokerages covering the stock is $31 - data compiled by LSEG

As of last close, INVH down 3.5% this year