Deutsche Bank Aktiengesellschaft Cuts Fortrea (NASDAQ:FTRE) Price Target to $28.00

Fortrea (NASDAQ:FTRE) had its price target reduced by Deutsche Bank Aktiengesellschaft from $36.00 to $28.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a hold rating on the stock.

A number of other analysts also recently issued reports on the stock. Robert W. Baird upgraded shares of Fortrea from a neutral rating to an outperform rating and decreased their price objective for the stock from $45.00 to $36.00 in a report on Tuesday, May 14th. Baird R W raised shares of Fortrea from a hold rating to a strong-buy rating in a report on Tuesday, May 14th. Evercore ISI reduced their price objective on Fortrea from $43.00 to $31.00 and set an outperform rating for the company in a report on Tuesday, May 14th. Barclays decreased their target price on Fortrea from $38.00 to $35.00 and set an overweight rating for the company in a research report on Thursday, January 25th. Finally, Bank of America dropped their price target on Fortrea from $33.00 to $27.00 and set an underperform rating on the stock in a research report on Tuesday, May 14th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Fortrea has a consensus rating of Moderate Buy and a consensus price target of $34.43.

Fortrea Price Performance

Shares of NASDAQ:FTRE opened at $25.55 on Thursday. Fortrea has a 1-year low of $24.92 and a 1-year high of $41.02. The company has a current ratio of 1.47, a quick ratio of 1.62 and a debt-to-equity ratio of 0.97. The stock’s fifty day simple moving average is $35.76 and its two-hundred day simple moving average is $34.11. The stock has a market cap of $2.28 billion and a PE ratio of -18.38.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Monday, May 13th. The company reported ($0.04) earnings per share for the quarter. The business had revenue of $662.10 million during the quarter, compared to analysts’ expectations of $754.58 million. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The business’s revenue was down 4.6% on a year-over-year basis. As a group, analysts forecast that Fortrea will post 0.8 EPS for the current fiscal year.

Hedge Funds Weigh In On Fortrea

A number of large investors have recently made changes to their positions in FTRE. Vanguard Group Inc. purchased a new stake in Fortrea during the 4th quarter worth about $347,110,000. Boston Partners bought a new position in shares of Fortrea in the fourth quarter valued at approximately $132,741,000. Gates Capital Management Inc. purchased a new position in Fortrea during the fourth quarter valued at approximately $67,859,000. Brandes Investment Partners LP bought a new stake in Fortrea during the 4th quarter worth approximately $59,056,000. Finally, Nordea Investment Management AB lifted its stake in Fortrea by 4,500.5% in the 1st quarter. Nordea Investment Management AB now owns 982,215 shares of the company’s stock worth $39,259,000 after purchasing an additional 960,865 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.