JPMorgan Chase & Co. Initiates Coverage on Frontdoor (NASDAQ:FTDR)

Key Points

• JPMorgan initiated coverage of Frontdoor with a “neutral” rating and a $95 price target, implying 13.72% potential upside from the reported $83.54 share price.
• Frontdoor reported quarterly EPS of $1.93, beating estimates of $1.76, while revenue reached $645 million and increased 4.5% year over year. Analysts expect full-year EPS of approximately $4.66.
• Analyst sentiment remains positive overall, with five Buy ratings and three Holds, producing a “Moderate Buy” consensus rating and an average price target of $92.60.

Equities research analysts at JPMorgan Chase & Co. started coverage on shares of Frontdoor (NASDAQ:FTDR - Get Free Report) in a research note issued to investors on Monday. The brokerage set a "neutral" rating and a $95.00 price target on the stock. JPMorgan Chase & Co.'s price target points to a potential upside of 13.72% from the stock's current price.

FTDR has been the topic of a number of other reports. Oppenheimer upped their target price on shares of Frontdoor from $70.00 to $100.00 and gave the stock an "outperform" rating in a research report on Friday, August 7th. Benchmark boosted their price objective on shares of Frontdoor from $80.00 to $96.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Frontdoor in a research report on Tuesday, August 18th. Wolfe Research upgraded Frontdoor to an "outperform" rating in a research note on Monday. Finally, The Goldman Sachs Group reiterated a "neutral" rating on shares of Frontdoor in a research note on Friday, August 7th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $92.60.

Frontdoor Trading Up 1.2%

Shares of FTDR traded up $0.95 during mid-day trading on Monday, hitting $83.54. 17,997 shares of the company's stock traded hands, compared to its average volume of 608,329. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 3.98. The business's 50-day moving average price is $76.86 and its 200-day moving average price is $66.49. The firm has a market capitalization of $5.76 billion, a P/E ratio of 22.27 and a beta of 1.47. Frontdoor has a 1 year low of $48.47 and a 1 year high of $93.43.

Frontdoor (NASDAQ:FTDR - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.76 by $0.17. Frontdoor had a net margin of 12.72% and a return on equity of 120.90%. The business had revenue of $645.00 million during the quarter, compared to analyst estimates of $643.40 million. During the same period in the prior year, the business earned $1.63 EPS. The company's revenue for the quarter was up 4.5% on a year-over-year basis. As a group, sell-side analysts forecast that Frontdoor will post 4.66 EPS for the current fiscal year.

Hedge Funds Weigh In On Frontdoor

Institutional investors and hedge funds have recently made changes to their positions in the business. Keating Financial Advisory Services Inc. purchased a new stake in Frontdoor during the second quarter valued at approximately $25,000. EverSource Wealth Advisors LLC boosted its stake in shares of Frontdoor by 164.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 799 shares of the company's stock worth $47,000 after acquiring an additional 497 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Frontdoor during the 2nd quarter valued at $58,000. Quarry LP increased its stake in shares of Frontdoor by 429.5% in the 3rd quarter. Quarry LP now owns 879 shares of the company's stock worth $59,000 after purchasing an additional 713 shares in the last quarter. Finally, Global Retirement Partners LLC increased its stake in shares of Frontdoor by 8,376.9% in the 4th quarter. Global Retirement Partners LLC now owns 1,102 shares of the company's stock worth $64,000 after purchasing an additional 1,089 shares in the last quarter.

About Frontdoor

Frontdoor, Inc NASDAQ: FTDR is a leading provider of home service plans and repair solutions for residential property owners. The company offers contract-based coverage that helps homeowners manage the cost of repairing and replacing essential household systems and appliances, including heating and cooling, plumbing, electrical wiring, water heaters, washers, dryers, refrigerators and other major kitchen equipment.

Frontdoor delivers its services through a nationwide network of independent service professionals and contractors, leveraging a cloud-based platform and call center infrastructure to coordinate service visits and process claims.

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