Mizuho Issues Positive Forecast for Fortrea (NASDAQ:FTRE) Stock Price

Fortrea (NASDAQ:FTRE) had its price target hoisted by analysts at Mizuho from $13.00 to $16.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Mizuho’s target price would suggest a potential downside of 9.91% from the stock’s previous close.

Several other equities analysts have also commented on FTRE. Barclays raised their target price on shares of Fortrea from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Wednesday, June 24th. Citigroup increased their price target on shares of Fortrea from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 price objective on shares of Fortrea in a research report on Thursday, May 7th. Wall Street Zen upgraded Fortrea from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Truist Financial set a $19.00 price target on Fortrea in a report on Wednesday, May 6th. 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 company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.75.

Fortrea Price Performance

FTRE stock opened at $17.76 on Monday. The stock has a 50-day moving average price of $15.66 and a two-hundred day moving average price of $13.67. The stock has a market cap of $1.68 billion, a PE ratio of -3.62, a price-to-earnings-growth ratio of 0.54 and a beta of 2.03. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. Fortrea has a 1 year low of $4.45 and a 1 year high of $18.67.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.13. The company had revenue of $636.50 million for the quarter, compared to analyst estimates of $628.50 million. Fortrea had a positive return on equity of 9.51% and a negative net margin of 16.50%. Equities analysts forecast that Fortrea will post 0.8 EPS for the current fiscal year.

Hedge Funds Weigh In On Fortrea

Several large investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. increased its holdings in Fortrea by 90.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 173,129 shares of the company’s stock worth $3,012,000 after purchasing an additional 82,349 shares in the last quarter. Essential Partners LLC lifted its holdings in shares of Fortrea by 140.2% in the first quarter. Essential Partners LLC now owns 9,675 shares of the company’s stock valued at $91,000 after purchasing an additional 5,647 shares in the last quarter. Amundi lifted its holdings in shares of Fortrea by 20.2% in the first quarter. Amundi now owns 12,490 shares of the company’s stock valued at $118,000 after purchasing an additional 2,101 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Fortrea by 9.5% during the first quarter. EverSource Wealth Advisors LLC now owns 10,936 shares of the company’s stock valued at $103,000 after buying an additional 953 shares during the last quarter. Finally, California State Teachers Retirement System boosted its position in shares of Fortrea by 51.3% during the first quarter. California State Teachers Retirement System now owns 132,369 shares of the company’s stock valued at $1,247,000 after buying an additional 44,882 shares during the last quarter.

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.