Keefe, Bruyette & Woods analysts increased their price target for American Homes 4 Rent (NYSE:AMH) to $39 from $38 and maintained their Market Perform rating on the stock. The firm’s decision follows the company's first-quarter results, which exceeded expectations due to improved property revenue and reduced property operating expenses.

The analysts noted that same-home core results were stable and management did not change its guidance. The report details a year-over-year same-home net operating income (NOI) increase of 4.9%, with revenue up 5.3% and expenses up 5.9%. The NOI after capital expenditures grew by 5.1%, and the NOI margin after capital expenditures was 61.8%. Average occupancy was 96.2%, showing a 100 basis point decrease year-over-year but a 10 basis point increase quarter-over-quarter. Bad debt expense decreased by 22 basis points quarter-over-quarter to 1.07%.