Wall Street Zen Upgrades Fortrea (NASDAQ:FTRE) to "Buy"

Key Points

• Wall Street Zen upgraded Fortrea from “hold” to “buy”, adding to a mixed but generally constructive analyst picture for the stock.
• Analyst sentiment remains mixed overall, with an average “Moderate Buy” rating and a consensus price target of $17.45; the stock recently traded at $17.76.
• Fortrea beat its latest quarterly earnings estimates, reporting $0.16 EPS versus $0.03 expected, while revenue came in above forecasts at $636.5 million.

Fortrea (NASDAQ:FTRE - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Monday.

Other analysts also recently issued research reports about the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Fortrea in a research note on Tuesday, April 21st. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $14.00 price objective on shares of Fortrea in a report on Thursday, May 7th. Robert W. Baird set a $20.00 price target on Fortrea in a research note on Wednesday, May 6th. TD Cowen restated a "buy" rating on shares of Fortrea in a research report on Wednesday, May 6th. Finally, Zacks Research upgraded Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, July 6th. One investment 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $17.45.

Fortrea Price Performance

Shares of FTRE opened at $17.76 on Monday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The business's 50 day moving average is $15.66 and its 200 day moving average is $13.67. Fortrea has a 12-month low of $4.45 and a 12-month high of $18.67. The company has a market capitalization of $1.68 billion, a PE ratio of -3.62, a price-to-earnings-growth ratio of 0.54 and a beta of 2.03.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.03 by $0.13. Fortrea had a negative net margin of 16.50% and a positive return on equity of 9.51%. The company had revenue of $636.50 million for the quarter, compared to the consensus estimate of $628.50 million. Research analysts expect that Fortrea will post 0.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FTRE. Larson Financial Group LLC lifted its holdings in shares of Fortrea by 136.7% in the 4th quarter. Larson Financial Group LLC now owns 1,856 shares of the company's stock valued at $32,000 after buying an additional 1,072 shares during the period. Osaic Holdings Inc. lifted its holdings in shares of Fortrea by 74.3% during the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company's stock valued at $38,000 after acquiring an additional 2,918 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Fortrea by 137.0% in the second quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company's stock worth $43,000 after buying an additional 5,036 shares during the period. Toronto Dominion Bank purchased a new stake in shares of Fortrea during the fourth quarter valued at approximately $51,000. Finally, Allworth Financial LP boosted its position in Fortrea by 19.6% in the 3rd quarter. Allworth Financial LP now owns 6,769 shares of the company's stock valued at $57,000 after buying an additional 1,109 shares during the last quarter.

About Fortrea

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.