FOA - Finance of America initiated at Outperform at Credit Suisse on diversified platform

bymuratdeniz/iStock via Getty Images Finance of America ([[FOA]] +2.3%) gets a new Outperform rating from Credit Suisse analyst Douglas Harter on the premise that its diversified origination platform "should provide secular growth opportunities to help cushion the cyclical declines in forward mortgage originations." Points out that FOA "is the most diversified of the mortgage originators in our coverage," as it participates in forward mortgage, reverse mortgage, and business purpose lending segments. "Over time, this should mute some of the cyclicality of the forward business and provide FOA with a higher relative stability of returns," Harter writes in a note to clients. Sets price target at $12, implying upside of 42% vs. Wednesday's closing price of $8.44. FOA became a publicly traded company in April when it merged with SPAC Replay Acquisition. In the past month, FOA's total return declined 14% vs. the S&P 500's increase of 1.4% as seen in

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Finance of America initiated at Outperform at Credit Suisse on diversified platform