Truist Financial Boosts Fortrea (NASDAQ:FTRE) Price Target to $26.00

Fortrea (NASDAQ:FTRE) had its price target increased by investment analysts at Truist Financial from $19.00 to $26.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 35.63% from the stock’s current price.

A number of other equities research analysts also recently weighed in on FTRE. Robert W. Baird set a $23.00 price target on Fortrea in a research note on Thursday. Barclays boosted their price target on Fortrea from $18.00 to $22.00 and gave the company an “equal weight” rating in a research note on Thursday. Wall Street Zen downgraded Fortrea from a “buy” rating to a “hold” rating in a report on Tuesday, July 21st. Mizuho lifted their target price on shares of Fortrea from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Monday, July 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Fortrea in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Fortrea presently has a consensus rating of “Moderate Buy” and an average target price of $19.95.

Fortrea Trading Up 0.5%

Fortrea stock opened at $19.17 on Thursday. Fortrea has a 52 week low of $5.26 and a 52 week high of $21.39. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 0.96. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of -21.07, a P/E/G ratio of 0.46 and a beta of 2.03. The company has a 50 day moving average price of $17.05 and a 200 day moving average price of $13.84.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Wednesday, July 29th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.05. The company had revenue of $678.20 million for the quarter, compared to the consensus estimate of $647.57 million. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. Research analysts forecast that Fortrea will post 0.86 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FTRE. Vanguard Group Inc. grew its position in Fortrea by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 8,331,016 shares of the company’s stock worth $143,710,000 after buying 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 4th quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company’s stock worth $142,702,000 after acquiring an additional 293,992 shares during the period. AQR Capital Management LLC boosted 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 valued at $31,729,000 after acquiring an additional 5,419,842 shares in the last quarter. State Street Corp boosted its position in shares of Fortrea by 1.0% during the 4th quarter. State Street Corp now owns 4,110,899 shares of the company’s stock valued at $70,913,000 after acquiring an additional 39,777 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Fortrea by 21.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,219,029 shares of the company’s stock valued at $55,528,000 after acquiring an additional 565,891 shares during the period.

Fortrea Company Profile

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.