American Homes started at Outperform as Silver Bay is downgraded

In the single-family rental sector, KBW slides its chips over to American Home 4 Rent (AMH) from Silver Bay Realty Trust (SBY), starting the former at Outperform and downgrading the latter to Market Perform with price target cut to $17.50 from $20.

American Homes has outperformed Silver Bay by about 900 basis points since coming public last August. It's currently next in line for raising money through the launch of a bond backed by rental payments on its homes.

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