StoneX maintains Frontdoor at Buy, raises price target to $115 from $96

StoneX initiated coverage on Bullish (NYSE:BLSH) with a Buy rating and $42 price target, citing tokenization potential. The company's shares have fallen 48% since September, trading at $21.31. Bullish plans to acquire Equiniti, positioning it as a transfer agent for public companies. Analysts have mixed views on the acquisition, with some upgrading and others lowering targets.

Frontdoor, Inc. reported Q3 2026 earnings, highlighting operational discipline amid record heat and a stagnant real estate market. The company grew earnings despite higher claims costs, improved retention to 79.7%, and raised full-year guidance. They plan to expand non-warranty upgrades and approved a $1 billion share repurchase program. Management sees AI as a long-term opportunity and expects HVAC upgrades to reach $175 million in revenue.

Frontdoor Inc (FTDR) reported Q3 2026 revenue of $655 million, up 6%. CEO Bill Cobb and CFO Jason Bailey expressed confidence in achieving mid-20s adjusted EBITDA margin target. The company is preparing for potential AI impacts, expanding its upgrade program, and focusing on member retention and capital allocation.

Frontdoor (FTDR) reported Q3 2026 revenue of $655M (+6%), adjusted EBITDA of $205M (+5%), and adjusted EPS of $1.81 (+15%). The company accelerated share repurchases, returning $259M to shareholders. Member count grew 1%, with renewals up 1%, direct-to-consumer up 4%, and real estate up 5%. Non-warranty revenue surged 32%, driven by HVAC upgrades. The board approved a new $1B share repurchase authorization.

Frontdoor reported Q3 2026 revenue of $655M, up 6% YoY, and net income of $116M, up 9.4% YoY. Growth was driven by renewal pricing and HVAC upgrade programs, while higher claims costs partially offset gains. Active warranties increased slightly to 2.14M, with customer retention at 79.7%.

Frontdoor (FTDR) reported Q3 earnings, with direct-to-consumer memberships growing 4% and real estate memberships rising 5%. The company lowered its real estate membership growth expectation to flat by 2026 due to deteriorating housing conditions. Frontdoor raised its full-year revenue forecast to $2.205B-$2.215B and adjusted EBITDA to $590M-$600M. It also accelerated its share repurchase program, completing a $650M authorization early and approving a new $1B authorization.