Raymond James bearish on Finance of America

Finance of America Companies

11/11/2022 11:26

** Brokerage Raymond James downgrades shares of real estate
investment trust firm Finance of America Companies Inc  FOA.N 
to "outperform" from "strong buy"; cuts PT to $2.5 from $4.5
    ** Brokerage says revised rating reflects current macro
uncertainty and near-term headwinds
    ** Raymond James expects lower volumes in co's reverse
mortgage loans and commercial lending segments
    ** Brokerage believes co's exit of the Forward Mortgage
business would remove drag on earnings 
    ** Earlier, co reported a bigger than expected Q3 loss     
    ** Two of four brokerages rate the stock "buy" or higher,
two "hold"; their median PT is $3
    ** Up to Thursday's close, stock had fallen 63.2% compared
with a 28.8% decline in the Nasdaq Industrial index  .IXID 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))