Fortrea (NASDAQ:FTRE) Upgraded at William Blair

William Blair upgraded shares of Fortrea (NASDAQ:FTRE) to a hold rating in a research report released on Wednesday,Zacks.com reports.

Several other research analysts have also recently issued reports on FTRE. Mizuho increased their target price on shares of Fortrea from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. Evercore restated an “outperform” rating on shares of Fortrea in a report on Wednesday. Barclays upped their price target on shares of Fortrea from $18.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Thursday. Zacks Research raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. Finally, Wall Street Zen raised shares of Fortrea from a “hold” rating to a “buy” rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Fortrea currently has a consensus rating of “Moderate Buy” and an average price target of $19.95.

Fortrea Price Performance

Shares of FTRE stock opened at $19.17 on Wednesday. Fortrea has a twelve month low of $5.26 and a twelve month high of $21.39. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of -21.07, a P/E/G ratio of 0.46 and a beta of 2.03. The stock has a fifty day simple moving average of $17.05 and a two-hundred day simple moving average of $13.84. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.18 by $0.05. The firm had revenue of $678.20 million for the quarter, compared to analyst estimates of $647.57 million. Fortrea had a positive return on equity of 10.72% and a negative net margin of 3.18%. On average, analysts predict that Fortrea will post 0.86 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortrea

A number of hedge funds and other institutional investors have recently bought and sold shares of FTRE. AQR Capital Management LLC boosted its stake in Fortrea by 494.8% in the second quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock valued at $31,729,000 after acquiring an additional 5,419,842 shares in the last quarter. Park West Asset Management LLC purchased a new stake in Fortrea during the 3rd quarter worth approximately $18,579,000. Iron Triangle Partners LP acquired a new position in Fortrea during the 4th quarter valued at approximately $34,264,000. MetLife Investment Management LLC raised its holdings in shares of Fortrea by 2,328.5% in the fourth quarter. MetLife Investment Management LLC now owns 1,368,656 shares of the company’s stock worth $23,609,000 after buying an additional 1,312,297 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Fortrea by 163.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,299,862 shares of the company’s stock worth $12,241,000 after buying an additional 807,081 shares during the last quarter.

Key Fortrea News

Here are the key news stories impacting Fortrea this week:

• Positive Sentiment: Truist Financial raised its price target for Fortrea from $19 to $26 and maintained a Buy rating, implying substantial potential upside from the recent trading level. Benzinga
• Positive Sentiment: Zacks upgraded Fortrea to Rank #1, or Strong Buy, citing improving earnings prospects. Fortrea was also included in Zacks’ list of top momentum stocks and its “Fast-Paced Momentum at a Bargain” screen, reinforcing investor enthusiasm around valuation and recent performance. Zacks Strong Buy article
• Positive Sentiment: Fortrea’s latest quarterly report provided a fundamental catalyst: adjusted earnings of $0.23 per share topped the $0.18 consensus estimate, while revenue of $678.2 million exceeded expectations of $647.6 million.
• Neutral Sentiment: William Blair upgraded Fortrea to Hold, which may indicate reduced downside concerns but does not represent a bullish recommendation. Ticker Report
• Neutral Sentiment: Barclays maintained its Hold rating, while Truist reiterated its Buy view, highlighting disagreement among analysts over the stock’s valuation and outlook. Barclays rating article

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.