Fortrea (NASDAQ:FTRE) Raised to Strong-Buy at Evercore ISI

Fortrea (NASDAQ:FTRE) was upgraded by equities researchers at Evercore ISI from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Other research analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of Fortrea from a “buy” rating to a “hold” rating in a research report on Monday, October 27th. Citigroup upgraded shares of Fortrea from a “neutral” rating to a “buy” rating and upped their price objective for the company from $12.00 to $21.00 in a research note on Thursday, December 11th. Jefferies Financial Group lifted their target price on Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a research report on Tuesday, September 9th. Mizuho boosted their target price on Fortrea from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Thursday, December 18th. Finally, Wedbush set a $21.00 price target on shares of Fortrea in a research note on Thursday, December 11th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $14.50.

Fortrea Trading Up 5.5%

FTRE opened at $17.54 on Tuesday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.00 and a current ratio of 1.00. Fortrea has a one year low of $3.97 and a one year high of $20.07. The company has a market cap of $1.62 billion, a P/E ratio of -1.56, a PEG ratio of 0.49 and a beta of 1.59. The business’s 50-day simple moving average is $13.77 and its 200-day simple moving average is $10.03.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). The business had revenue of $701.30 million during the quarter, compared to analyst estimates of $643.43 million. Fortrea had a negative net margin of 36.77% and a positive return on equity of 5.64%. As a group, equities research analysts expect that Fortrea will post 0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Fortrea

Large investors have recently bought and sold shares of the company. Allworth Financial LP lifted its stake in shares of Fortrea by 6,802.4% in the 2nd quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock worth $28,000 after acquiring an additional 5,578 shares during the period. Nisa Investment Advisors LLC boosted its holdings in Fortrea by 214.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $28,000 after purchasing an additional 2,278 shares in the last quarter. Osaic Holdings Inc. boosted its holdings in Fortrea by 74.3% in the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after purchasing an additional 2,918 shares in the last quarter. Tower Research Capital LLC TRC increased its position in Fortrea by 137.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock worth $43,000 after purchasing an additional 5,036 shares during the period. Finally, Ameritas Investment Partners Inc. purchased a new position in shares of Fortrea during the 2nd quarter worth approximately $46,000.

About Fortrea

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific’s Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company’s comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea’s core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.