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Evercore ISI Issues Positive Forecast for Fortrea (NASDAQ:FTRE) Stock Price

Fortrea logo with Medical background

Key Points

  • Evercore ISI has increased its price target for Fortrea (NASDAQ:FTRE) from $5.00 to $7.00, suggesting a potential downside of 3.31% from the stock's previous close, while maintaining an "in-line" rating.
  • The stock reported earnings of $0.19 per share for the last quarter, surpassing analysts' expectations of $0.06, alongside revenue of $710.30 million compared to a consensus estimate of $631.61 million.
  • Market sentiment is mixed as two analysts rated the stock as a sell, while the majority provided a hold rating and one firm upgraded it to a "strong-buy"; the consensus price target remains at $14.00.
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Fortrea (NASDAQ:FTRE - Get Free Report) had its price target hoisted by analysts at Evercore ISI from $5.00 to $7.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an "in-line" rating on the stock. Evercore ISI's price objective would suggest a potential downside of 3.31% from the stock's previous close.

A number of other brokerages also recently issued reports on FTRE. Mizuho lowered their price target on shares of Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Friday, July 11th. Baird R W raised shares of Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday. Robert W. Baird raised shares of Fortrea from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $7.00 to $9.00 in a report on Monday. Cowen reaffirmed a "hold" rating on shares of Fortrea in a report on Wednesday, May 14th. Finally, Barclays reaffirmed an "underweight" rating and set a $6.00 price objective (up from $5.00) on shares of Fortrea in a report on Thursday. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $14.00.

Check Out Our Latest Research Report on FTRE

Fortrea Stock Performance

Shares of NASDAQ FTRE opened at $7.24 on Friday. The company's fifty day moving average price is $5.45 and its 200 day moving average price is $8.12. Fortrea has a 1 year low of $3.97 and a 1 year high of $25.74. The company has a market capitalization of $655.22 million, a PE ratio of -0.64, a price-to-earnings-growth ratio of 0.45 and a beta of 1.81. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.97 and a current ratio of 1.02.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.13. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. The firm had revenue of $710.30 million for the quarter, compared to the consensus estimate of $631.61 million. On average, research analysts predict that Fortrea will post 0.51 earnings per share for the current year.

Hedge Funds Weigh In On Fortrea

Several hedge funds and other institutional investors have recently modified their holdings of FTRE. Norges Bank purchased a new position in shares of Fortrea in the fourth quarter worth about $330,000. Alliancebernstein L.P. lifted its stake in shares of Fortrea by 107.3% in the fourth quarter. Alliancebernstein L.P. now owns 111,845 shares of the company's stock worth $2,086,000 after buying an additional 57,879 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Fortrea by 20.8% in the fourth quarter. Russell Investments Group Ltd. now owns 219,365 shares of the company's stock worth $4,091,000 after buying an additional 37,744 shares in the last quarter. FMR LLC raised its stake in Fortrea by 67.7% during the fourth quarter. FMR LLC now owns 8,086,806 shares of the company's stock worth $150,819,000 after purchasing an additional 3,265,402 shares during the period. Finally, Bank of Montreal Can raised its stake in Fortrea by 53.7% during the fourth quarter. Bank of Montreal Can now owns 21,983 shares of the company's stock worth $410,000 after purchasing an additional 7,677 shares during the period.

About Fortrea

(Get Free Report)

Fortrea Holdings Inc, a contract research organization, primarily engages in the provision of biopharmaceutical product and medical device development services worldwide. The company operates through two segments: Clinical Services and Enabling Services. The Clinical Services segment provides across the clinical pharmacology and clinical development spectrum.

Further Reading

Analyst Recommendations for Fortrea (NASDAQ:FTRE)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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