TD Cowen Boosts Fortrea (NASDAQ:FTRE) Price Target to $25.00

Fortrea (NASDAQ:FTRE) had its price objective raised by research analysts at TD Cowen from $23.00 to $25.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. TD Cowen’s price target would suggest a potential upside of 13.90% from the company’s previous close.

FTRE has been the subject of several other research reports. Barclays increased their price objective on Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday. Deutsche Bank Aktiengesellschaft cut their price target on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 20th. Bank of America decreased their price objective on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th. The Goldman Sachs Group cut their target price on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. Finally, Evercore ISI decreased their price target on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research note on Tuesday, October 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $24.50.

Fortrea Stock Performance

NASDAQ:FTRE opened at $21.95 on Monday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19. Fortrea has a fifty-two week low of $16.53 and a fifty-two week high of $41.02. The business has a 50 day moving average price of $19.69 and a 200-day moving average price of $23.79. The firm has a market cap of $1.97 billion, a PE ratio of -6.42, a price-to-earnings-growth ratio of 3.78 and a beta of 0.70.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The firm had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. Fortrea’s revenue was down 5.4% on a year-over-year basis. During the same period last year, the business earned $0.24 EPS. Equities research analysts predict that Fortrea will post 0.59 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Keeley Teton Advisors LLC increased its holdings in shares of Fortrea by 2.7% during the first quarter. Keeley Teton Advisors LLC now owns 14,255 shares of the company’s stock valued at $572,000 after acquiring an additional 370 shares in the last quarter. CWM LLC raised its holdings in Fortrea by 12.5% in the second quarter. CWM LLC now owns 4,273 shares of the company’s stock worth $100,000 after buying an additional 475 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Fortrea by 6.9% in the first quarter. ProShare Advisors LLC now owns 8,165 shares of the company’s stock worth $328,000 after buying an additional 524 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Fortrea by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after buying an additional 572 shares during the last quarter. Finally, Arizona State Retirement System increased its position in shares of Fortrea by 2.5% during the second quarter. Arizona State Retirement System now owns 23,769 shares of the company’s stock valued at $555,000 after acquiring an additional 585 shares in the last quarter.

Fortrea Company Profile

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.