UBS analyst Doug Harter lowered the firm’s price target on Finance of America (FOA) to $22.50 from $25 and keeps a Neutral rating on the shares as part of a Q1 mortgage banking preview. The environment continued to be more favorable for servicing earnings than originations in Q1 as seasonality weighed on volumes in the quarter, the analyst tells investors in a research note. The firm says that while there is downside risk to Q1 funded volume estimates, the late quarter pickup in refinance volume should benefit lock volume and reduces the risk to estimates.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FOA:
- Finance of America price target raised to $30 from $27 at Raymond James
- Finance of America Expands Board with New Appointments
- Finance of America files to sell 5.34M shares of Class A common stock for holder
- Finance of America Earnings Call Highlights Growth and Challenges
- Finance of America falls -18.7%