Robert W. Baird Upgrades Fortrea (NASDAQ:FTRE) to Outperform

Key Points

• Robert W. Baird upgraded Fortrea (NASDAQ:FTRE) from a "neutral" rating to an "outperform" rating, raising its price target from $7.00 to $9.00, indicating a potential upside of 64.84%.
• Fortrea's stock performance has shown volatility, with a 12-month low of $3.97 and a high of $27.26, currently trading around $5.46.
• Despite positive earnings of $0.02 per share reported recently, several analysts have mixed ratings on the stock, with the average target price sitting at $13.73.

Fortrea (NASDAQ:FTRE - Get Free Report) was upgraded by investment analysts at Robert W. Baird from a "neutral" rating to an "outperform" rating in a report released on Monday,Benzinga reports. The firm currently has a $9.00 price objective on the stock, up from their previous price objective of $7.00. Robert W. Baird's target price suggests a potential upside of 64.84% from the company's previous close.

A number of other research analysts also recently weighed in on FTRE. Truist Financial assumed coverage on Fortrea in a report on Friday, May 2nd. They issued a "hold" rating and a $7.00 target price on the stock. Evercore ISI decreased their target price on Fortrea from $6.00 to $5.00 and set an "in-line" rating on the stock in a report on Wednesday, July 9th. Cowen reissued a "hold" rating on shares of Fortrea in a report on Wednesday, May 14th. Barclays reduced their price target on Fortrea from $6.00 to $5.00 and set an "underweight" rating for the company in a research report on Tuesday, May 13th. Finally, Citigroup reiterated a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, Fortrea presently has an average rating of "Hold" and an average target price of $13.73.

Fortrea Stock Performance

FTRE stock opened at $5.46 on Monday. The stock's 50 day simple moving average is $5.25 and its 200 day simple moving average is $8.29. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. Fortrea has a 12-month low of $3.97 and a 12-month high of $27.26. The stock has a market capitalization of $494.13 million, a PE ratio of -0.62, a price-to-earnings-growth ratio of 0.37 and a beta of 1.80.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.09. Fortrea had a negative net margin of 29.43% and a positive return on equity of 2.84%. The firm had revenue of $651.30 million during the quarter, compared to analysts' expectations of $609.63 million. As a group, research analysts forecast that Fortrea will post 0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Brighton Jones LLC bought a new stake in shares of Fortrea during the second quarter valued at approximately $156,000. Focus Partners Advisor Solutions LLC purchased a new position in Fortrea during the second quarter valued at $78,000. Ethic Inc. purchased a new position in Fortrea during the second quarter valued at $114,000. Allianz Asset Management GmbH increased its holdings in Fortrea by 335.1% in the 2nd quarter. Allianz Asset Management GmbH now owns 254,106 shares of the company's stock valued at $1,255,000 after acquiring an additional 195,706 shares during the last quarter. Finally, NorthRock Partners LLC purchased a new stake in Fortrea in the 2nd quarter worth $67,000.

Fortrea Company Profile

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.

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