Frontdoor (NASDAQ:FTDR) Price Target Cut to $36.00

Frontdoor (NASDAQ: FTDR) is a home services company that provides doorstep solutions for homeowners in the United States. The company offers a range of services, including home security, home automation, and home repair services.

On August 19, 2021, Frontdoor announced that it had cut its price target for the fiscal year ending December 31, 2021 to $36.00 per share, down from its previous target of $45.00 per share. The company cited a number of factors that contributed to this decision, including increased competition in the home services market and higher operating expenses.

In addition to the price target cut, Frontdoor also announced that it had missed its revenue guidance for the second quarter of 2021. The company reported revenue of $35.9 million for the period, which was below its guidance of $40.0 million. This miss was attributed to a number of factors, including lower-than-expected demand for home services and higher operating expenses.

Despite these challenges, Frontdoor remains committed to delivering value for its customers and shareholders. The company has a strong track record of growth and innovation, and it continues to invest in new technologies and services that will help it stay competitive in the rapidly evolving home services market.