B. Riley analyst Timothy D'Agostino initiated coverage of Finance of America with a Buy rating and $22.50 price target. The company has created a business that addresses a growing total addressable market as the U.S. population ages, the analyst tells investors in a research note. The firm expects "cash-poor but home-rich" older citizens to continue to access their home equity as a retirement solution. Finance of America's expanded product offerings, including a proprietary reverse mortgage product, enable the company to gain customers who are 55 years or older, Riley contends.
