Fortrea (NASDAQ:FTRE) Rating Increased to Buy at TD Cowen

Fortrea (NASDAQ:FTRE) was upgraded by equities researchers at TD Cowen from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, Marketbeat Ratings reports. The firm currently has a $15.00 target price on the stock. TD Cowen’s price target would suggest a potential upside of 56.09% from the stock’s current price.

A number of other research firms have also weighed in on FTRE. Robert W. Baird lowered their target price on Fortrea from $19.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, February 27th. Truist Financial set a $22.00 price target on Fortrea and gave the stock a “buy” rating in a research report on Thursday, January 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a research note on Thursday, January 22nd. Wedbush set a $21.00 price objective on Fortrea in a research report on Thursday, December 11th. Finally, Citigroup upgraded shares of Fortrea from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $12.00 to $21.00 in a report on Thursday, December 11th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $16.15.

Fortrea Trading Down 3.1%

FTRE stock opened at $9.61 on Monday. Fortrea has a 12 month low of $3.97 and a 12 month high of $18.67. The firm’s 50-day moving average is $14.39 and its 200 day moving average is $12.46. The company has a market capitalization of $898.54 million, a PE ratio of -0.88, a P/E/G ratio of 0.35 and a beta of 1.81. The company has a debt-to-equity ratio of 1.86, a current ratio of 0.98 and a quick ratio of 0.98.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Thursday, February 26th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.07). The company had revenue of $660.50 million during the quarter, compared to the consensus estimate of $665.22 million. Fortrea had a positive return on equity of 6.23% and a negative net margin of 36.21%. On average, research analysts anticipate that Fortrea will post 0.51 EPS for the current year.

Institutional Trading of Fortrea

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC lifted its holdings in Fortrea by 1.7% in the fourth quarter. Sanctuary Advisors LLC now owns 36,648 shares of the company’s stock valued at $632,000 after acquiring an additional 627 shares during the period. Oregon Public Employees Retirement Fund grew its stake in Fortrea by 3.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 21,166 shares of the company’s stock valued at $365,000 after acquiring an additional 700 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Fortrea by 27.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,490 shares of the company’s stock valued at $77,000 after purchasing an additional 980 shares in the last quarter. Amalgamated Bank grew its holdings in Fortrea by 4.0% in the 3rd quarter. Amalgamated Bank now owns 26,688 shares of the company’s stock valued at $225,000 after buying an additional 1,026 shares in the last quarter. Finally, Larson Financial Group LLC increased its stake 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 worth $32,000 after acquiring an additional 1,072 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.