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

Fortrea (NASDAQ:FTRE) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

Several other equities analysts have also recently weighed in on FTRE. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $14.00 target price on shares of Fortrea in a research note on Thursday, May 7th. Zacks Research upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. Truist Financial set a $19.00 price target on shares of Fortrea in a report on Wednesday, May 6th. TD Cowen restated a “buy” rating on shares of Fortrea in a research note on Wednesday, May 6th. Finally, Citigroup boosted their price target on Fortrea from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortrea has a consensus rating of “Moderate Buy” and an average target price of $17.45.

Fortrea Price Performance

FTRE stock opened at $17.76 on Monday. The firm’s 50-day moving average is $15.66 and its two-hundred day moving average is $13.67. 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 company has a market capitalization of $1.68 billion, a price-to-earnings ratio of -3.62, a price-to-earnings-growth ratio of 0.54 and a beta of 2.03. Fortrea has a 52 week low of $4.45 and a 52 week high of $18.67.

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

Institutional Investors Weigh In On Fortrea

Several institutional investors have recently added to or reduced their stakes in FTRE. Vanguard Group Inc. grew its stake in shares of Fortrea by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 8,331,016 shares of the company’s stock worth $143,710,000 after acquiring an additional 258,098 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Fortrea by 3.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company’s stock worth $142,702,000 after buying an additional 293,992 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Fortrea by 494.8% during the 2nd quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock worth $31,729,000 after purchasing an additional 5,419,842 shares in the last quarter. State Street Corp increased its stake in Fortrea by 1.0% during the 4th quarter. State Street Corp now owns 4,110,899 shares of the company’s stock worth $70,913,000 after acquiring an additional 39,777 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Fortrea by 21.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,219,029 shares of the company’s stock worth $55,528,000 after purchasing an additional 565,891 shares during the period.

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.