Fortrea (NASDAQ:FTRE) Lifted to “Strong-Buy” at Baird R W

Baird R W upgraded shares of Fortrea (NASDAQ:FTREFree Report) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

A number of other research firms have also issued reports on FTRE. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Fortrea in a research note on Wednesday, March 6th. They set a hold rating and a $36.00 target price for the company. Barclays dropped their price target on shares of Fortrea from $38.00 to $35.00 and set an overweight rating on the stock in a research report on Thursday, January 25th. Bank of America decreased their price objective on shares of Fortrea from $33.00 to $27.00 and set an underperform rating for the company in a report on Tuesday. Evercore ISI dropped their target price on Fortrea from $43.00 to $31.00 and set an outperform rating on the stock in a report on Tuesday. Finally, Robert W. Baird upgraded Fortrea from a neutral rating to an outperform rating and lowered their price target for the company from $45.00 to $36.00 in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortrea has a consensus rating of Moderate Buy and an average price target of $35.57.

View Our Latest Stock Analysis on FTRE

Fortrea Stock Up 2.6 %

Shares of NASDAQ:FTRE opened at $28.84 on Tuesday. The firm has a market cap of $2.58 billion and a PE ratio of -20.75. The company has a fifty day simple moving average of $37.50 and a 200 day simple moving average of $34.22. The company has a current ratio of 1.47, a quick ratio of 1.62 and a debt-to-equity ratio of 0.97. Fortrea has a 12-month low of $24.92 and a 12-month high of $41.02.

Fortrea (NASDAQ:FTREGet Free Report) last issued its quarterly earnings results on Monday, May 13th. The company reported ($0.04) earnings per share for the quarter. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The firm had revenue of $662.10 million during the quarter, compared to the consensus estimate of $754.58 million. The company’s revenue for the quarter was down 4.6% on a year-over-year basis. On average, equities research analysts anticipate that Fortrea will post 1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Whittier Trust Co. acquired a new stake in shares of Fortrea during the fourth quarter valued at approximately $25,000. Whittier Trust Co. of Nevada Inc. purchased a new position in Fortrea during the 4th quarter worth approximately $25,000. ZRC Wealth Management LLC acquired a new stake in Fortrea during the 4th quarter valued at $27,000. Glassman Wealth Services purchased a new stake in shares of Fortrea in the fourth quarter valued at $28,000. Finally, Allworth Financial LP acquired a new stake in shares of Fortrea in the fourth quarter worth $28,000.

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.

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