Frontdoor rises as brokerage positive on outlook, raises PT

frontdoor

06/10/2023 16:35

** Home service plan provider Frontdoor's shares  FTDR.O 
rise ~5% to $30.69, hitting a weekly high
    ** Truist Securities raises FTDR's price target to $42 from
$40 and upgrades its rating to "buy" from "hold"
    ** "We are raising our 2023 EPS estimate to $1.70 from $1.60
and boosting our 2024 forecast to $1.92 from $1.80 based on our
more optimistic topline view, informed by our analysis of
Frontdoor" - Truist
    ** The brokerage also highlighted the favorable drop in
company's claims cost in Q3 and the opportunity for its real
estate channel to firm in coming quarters
    ** The new price target represents a ~43% upside to the
stock's last close of $29.31
    ** Three of seven brokerages rate the stock "buy" or higher,
three "hold" and one "sell"; their median PT is $42
    ** Up to Thursday's close, stock had risen ~47%, YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))