Fortrea (NASDAQ:FTRE) Raised to Hold at William Blair

Key Points

• William Blair upgraded Fortrea to “hold.” Other analysts raised price targets, with the consensus rating at “Moderate Buy” and an average target price of $19.95.
• Fortrea reported quarterly EPS of $0.23, beating the $0.18 consensus estimate, while revenue of $678.2 million exceeded expectations of $647.6 million.
• Shares opened at $19.17, near their 12-month high of $21.39, with a market capitalization of approximately $1.82 billion.

Fortrea (NASDAQ:FTRE - Get Free Report) was upgraded by investment analysts at William Blair to a "hold" rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Several other brokerages also recently commented on FTRE. Barclays increased their price objective on shares of Fortrea from $18.00 to $22.00 and gave the stock an "equal weight" rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $20.00 price objective on shares of Fortrea in a report on Thursday. Citigroup increased their price objective on Fortrea from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday. Wall Street Zen raised Fortrea from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Zacks Research upgraded Fortrea from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $19.95.

Fortrea Stock Performance

Fortrea stock opened at $19.17 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 1.98. Fortrea has a twelve month low of $5.26 and a twelve month high of $21.39. The company's 50-day moving average price is $17.05 and its 200-day moving average price is $13.84. The company has a market cap of $1.82 billion, a PE ratio of -21.07, a price-to-earnings-growth ratio of 0.46 and a beta of 2.03.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.18 by $0.05. The business had revenue of $678.20 million for the quarter, compared to the consensus estimate of $647.57 million. Fortrea had a positive return on equity of 10.72% and a negative net margin of 3.18%. On average, equities research analysts forecast that Fortrea will post 0.86 EPS for the current fiscal year.

Institutional Trading of Fortrea

Several large investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC raised its stake in shares of Fortrea by 1.7% in the fourth quarter. Sanctuary Advisors LLC now owns 36,648 shares of the company's stock worth $632,000 after purchasing an additional 627 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in Fortrea by 3.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 21,166 shares of the company's stock worth $365,000 after buying an additional 700 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Fortrea by 9.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 10,936 shares of the company's stock worth $103,000 after buying an additional 953 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Fortrea by 27.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,490 shares of the company's stock valued at $77,000 after acquiring an additional 980 shares during the period. Finally, Larson Financial Group LLC lifted its stake in Fortrea by 136.7% during the 4th quarter. Larson Financial Group LLC now owns 1,856 shares of the company's stock valued at $32,000 after acquiring an additional 1,072 shares during the period.

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.

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