Frontdoor price target raised to $34 from $31 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Frontdoor to $34 from $31 and keeps a Sell rating on the shares. Ahead of the Q4 earnings season, the analyst updated operating estimates and valuations across the firm’s small and mid-cap internet group. Looking to 2024, Goldman sees the potential for returns to be driven by stock-picking based on idiosyncratic fundamentals, as opposed to the bifurcation seen in 2023 where mega-cap names as a group outperformed the rest of the space.