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

TD Cowen upgraded shares of Fortrea (NASDAQ:FTRE) from a hold rating to a buy rating in a report released on Monday morning, Marketbeat.com reports. TD Cowen currently has $15.00 target price on the stock.

Several other equities analysts have also weighed in on FTRE. Wedbush set a $21.00 target price on Fortrea in a research note on Thursday, December 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a research report on Thursday, January 22nd. Barclays lowered their price target on Fortrea from $15.00 to $12.00 and set an “equal weight” rating for the company in a research note on Friday, February 27th. Robert W. Baird reduced their price objective on shares of Fortrea from $19.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, February 27th. Finally, Truist Financial set a $22.00 price objective on shares of Fortrea and gave the company a “buy” rating in a report on Thursday, January 8th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $16.15.

Fortrea Price Performance

FTRE opened at $9.83 on Monday. The company has a fifty day moving average price of $14.24 and a two-hundred day moving average price of $12.47. The firm has a market capitalization of $919.11 million, a PE ratio of -0.90, a P/E/G ratio of 0.35 and a beta of 1.81. Fortrea has a 52 week low of $3.97 and a 52 week high of $18.67. The company has a debt-to-equity ratio of 1.86, a quick ratio of 0.98 and a current ratio of 0.98.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FTRE. Sanctuary Advisors LLC increased its stake in Fortrea by 1.7% in the 4th quarter. Sanctuary Advisors LLC now owns 36,648 shares of the company’s stock valued at $632,000 after buying an additional 627 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Fortrea by 3.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 21,166 shares of the company’s stock worth $365,000 after buying an additional 700 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Fortrea by 27.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,490 shares of the company’s stock valued at $77,000 after acquiring an additional 980 shares in the last quarter. Amalgamated Bank increased its position in shares of Fortrea by 4.0% in the third quarter. Amalgamated Bank now owns 26,688 shares of the company’s stock valued at $225,000 after acquiring an additional 1,026 shares during the last quarter. Finally, Larson Financial Group LLC increased its position in shares of Fortrea by 136.7% in the fourth quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock valued at $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.