UBS downgraded Finance of America (FOA) to Neutral from Buy with a price target of $24, up from $14. The firm does not see a catalyst for the shares to appreciate meaningfully from current levels with the positive news from Q3 earnings and the debt exchange already announced, the analyst tells investors in a research note. While longer-term the firm sees favorable demographics for the reverse mortgage business that could support growth in the earnings power, UBS sees the risk/reward as more balanced at current levels.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
