CHUNYIP WONG Summary Our initial report on American Homes 4 Rent (NYSE:AMH) rated the single-family rental ("SFR") operator a Sell based on its stretched valuation. AMH recently announced Q4 earnings and 2024 guidance. Results for the quarter broadly beat consensus estimates, and guidance came in relatively in line with analysts' expectations. AMH also announced that Bryan Smith, AMH's COO, will replace David Singelyn as CEO. As we've described in our notes on Invitation Homes (INVH), we are bullish on SFR ...