Fortrea (NASDAQ:FTRE) Upgraded by Wall Street Zen to Buy Rating

Key Points

• Wall Street Zen upgraded Fortrea to “buy” from “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $19.95.
• Fortrea reported quarterly EPS of $0.23, beating the $0.18 consensus estimate, and revenue of $678.2 million, above expectations of $647.57 million.
• FTRE opened at $19.17, up 0.5%, with its shares trading well above the 50-day and 200-day moving averages; institutional investors including Royal Bank of Canada and UBS increased their holdings.

Fortrea (NASDAQ:FTRE - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday.

Other analysts also recently issued reports about the stock. TD Cowen reissued a "buy" rating on shares of Fortrea in a research report on Wednesday, May 6th. Robert W. Baird set a $23.00 target price on shares of Fortrea in a report on Thursday. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $20.00 target price on shares of Fortrea in a research note on Thursday. Weiss Ratings reissued a "sell (d-)" rating on shares of Fortrea in a research report on Friday, July 17th. Finally, Zacks Research raised shares of Fortrea from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $19.95.

Fortrea Stock Up 0.5%

FTRE stock opened at $19.17 on Friday. The business has a 50 day moving average of $17.05 and a 200 day moving average of $13.84. The firm 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 has a twelve month low of $5.26 and a twelve month high of $21.39. 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 (NASDAQ:FTRE - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.18 by $0.05. Fortrea had a positive return on equity of 10.72% and a negative net margin of 3.18%.The business had revenue of $678.20 million for the quarter, compared to the consensus estimate of $647.57 million. On average, research analysts forecast that Fortrea will post 0.86 EPS for the current fiscal year.

Institutional Trading of Fortrea

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its holdings in shares of Fortrea by 48.9% during the first quarter. Royal Bank of Canada now owns 121,707 shares of the company's stock valued at $920,000 after purchasing an additional 39,944 shares during the last quarter. Caxton Associates LLP purchased a new stake in Fortrea in the first quarter worth approximately $196,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Fortrea by 10.9% in the first 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 purchasing an additional 27,746 shares during the last quarter. Focus Partners Wealth bought a new stake in Fortrea in the 1st quarter worth approximately $80,000. Finally, Acadian Asset Management LLC purchased a new stake in Fortrea during the 1st quarter valued at $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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.