Fortrea (NASDAQ:FTRE – Get Free Report) had its price target decreased by equities research analysts at Deutsche Bank Aktiengesellschaft from $36.00 to $28.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft’s target price suggests a potential upside of 9.20% from the company’s previous close.
A number of other research firms have also recently weighed in on FTRE. Bank of America cut their price objective on shares of Fortrea from $33.00 to $27.00 and set an “underperform” rating for the company in a report on Tuesday, May 14th. Robert W. Baird raised shares of Fortrea from a “neutral” rating to an “outperform” rating and cut their price objective for the company from $45.00 to $36.00 in a report on Tuesday, May 14th. Barclays cut their price objective on shares of Fortrea from $38.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, January 25th. Evercore ISI dropped their target price on shares of Fortrea from $43.00 to $31.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 14th. Finally, Baird R W upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. One research analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.43.
Check Out Our Latest Report on Fortrea
Fortrea Stock Performance
Fortrea (NASDAQ:FTRE – Get Free Report) last issued its earnings results on Monday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The business had revenue of $662.10 million for the quarter, compared to analysts’ expectations of $754.58 million. Fortrea’s revenue was down 4.6% compared to the same quarter last year. On average, research analysts forecast that Fortrea will post 0.86 EPS for the current year.
Hedge Funds Weigh In On Fortrea
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. acquired a new position in Fortrea in the 4th quarter valued at about $347,110,000. Boston Partners purchased a new stake in shares of Fortrea in the 4th quarter valued at approximately $132,741,000. Gates Capital Management Inc. purchased a new stake in shares of Fortrea in the 4th quarter valued at approximately $67,859,000. Brandes Investment Partners LP purchased a new stake in shares of Fortrea in the 4th quarter valued at approximately $59,056,000. Finally, Nordea Investment Management AB raised its stake in shares of Fortrea by 4,500.5% in the 1st quarter. Nordea Investment Management AB now owns 982,215 shares of the company’s stock valued at $39,259,000 after acquiring an additional 960,865 shares during the period.
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.
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