Fortrea (NASDAQ:FTRE) Upgraded by Zacks Research to “Strong-Buy” Rating

Fortrea (NASDAQ:FTRE) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. Barclays lifted their price target on Fortrea from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 24th. Mizuho boosted their target price on shares of Fortrea from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Tuesday, May 12th. Robert W. Baird set a $20.00 target price on shares of Fortrea in a research report on Wednesday, May 6th. Citigroup increased their price target on shares of Fortrea from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Finally, TD Cowen reissued a “buy” rating on shares of Fortrea in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $17.45.

Fortrea Trading Down 2.1%

NASDAQ:FTRE opened at $17.48 on Monday. The company has a 50-day moving average price of $15.25 and a 200-day moving average price of $13.66. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of -3.56, a P/E/G ratio of 0.54 and a beta of 2.03. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. Fortrea has a 12 month low of $4.40 and a 12 month high of $18.67.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.13. The company had revenue of $636.50 million for the quarter, compared to analysts’ expectations of $628.50 million. Fortrea had a negative net margin of 16.50% and a positive return on equity of 9.51%. Equities analysts predict that Fortrea will post 0.8 EPS for the current year.

Institutional Trading of Fortrea

Institutional investors have recently bought and sold shares of the company. Royal Bank of Canada raised its holdings in Fortrea by 48.9% in the first quarter. Royal Bank of Canada now owns 121,707 shares of the company’s stock worth $920,000 after buying an additional 39,944 shares during the last quarter. Caxton Associates LLP purchased a new position in Fortrea in the 1st quarter worth approximately $196,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Fortrea by 10.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 282,780 shares of the company’s stock worth $2,135,000 after acquiring an additional 27,746 shares during the last quarter. Focus Partners Wealth bought a new position in Fortrea in the 1st quarter valued at approximately $80,000. Finally, Acadian Asset Management LLC bought a new position in Fortrea in the 1st quarter valued at approximately $65,000.

Fortrea Company Profile

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.