Invitation Homes’ Upcoming Q4 Results Preview

Oppenheimer analysts provided their outlook on Invitation Homes Inc. (NYSE:INVH) ahead of the upcoming Q4 results, scheduled to be announced on Feb 15.

The analysts view 2023 guidance as the key factor to watch when the company reports. They believe 2023 consensus estimates are too high and believe it's possible the midpoint of company guidance could come in below the Street.

That said, sentiment toward the stock has deteriorated since the summer, buy-side expectations are reasonable, and valuations for the shares are below long-term averages. These factors could limit the downside if guidance is worse than expected.

The analysts expect a 6.5% average monthly rent growth in 2023, a deceleration from 9% in 2022. This is driven by a softer macro environment, less robust demand, difficult comps, more SFR supply, and the company’s exposure to California.