Frontdoor price target lowered to $36 from $40 at Wells Fargo

Wells Fargo lowered the firm’s price target on Frontdoor to $36 from $40 and keeps an Equal Weight rating on the shares. Frontdoor continued to show strong price realization and retention in Q4, but the outlook was mixed on continued demand challenges, the analyst tells investors in a research note. Given the strong Frontdoor app launch, Wells is constructive on the American Home Shield rebrand, but expects the macro to overshadow.