Updating Estimates and Price Target After 1Q26

Goldman Sachs raises the price target for American Homes 4 Rent (AMH) to $35 while maintaining a Neutral rating, adjusting estimates for 1Q26 results and the removal of a specific regulatory disposal overhang.

Key Takeaways

• 1.Goldman Sachs updated AMH estimates following 1Q26 results, where same-store expense management offset lower-than-expected renewal growth.
• 2.The 12-month price target was raised to $35 from $32, reflecting a higher FFO multiple and the removal of a regulatory overhang regarding development pipeline disposals.
• 3.Regulatory risks were reduced with the removal of forced Built-to-Rent (BTR) disposals after a 7-year hold period.

Table of Contents

• Exhibit 1: AMH estimates shift
• Valuation and price target
• Upside/Downside risks
• GS Forecast
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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