BUZZ-Finance of America slides after UBS downgrades stock

Reuters
21 Nov 2024

** Shares of retirement offerings platform Finance of America slide as much as 22.7%, last down 19.8% at $18.91

** UBS downgrades FOA to "neutral" from "buy," citing the stock's strong rally in November

** Brokerage says with the positive news from Q3 earnings and the debt exchange deal already announced, it does not see a catalyst for the shares to rise meaningfully from current levels

** Meanwhile, UBS raises PT to $24 from $14, a 2% upside to stock's last close

** One brokerage rates the stock "buy" and one "hold"; median PT is $18.50 — data compiled by LSEG

** As of last close, FOA shares have more than doubled YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))

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