Fortrea Holdings

FTRE · NASDAQ

$22.78+$0.36 (+1.61%)TodayMarket closed · Oct 20, 7:52 PM ET

Prev close $22.42

FTRE analyst rating

BuyConsensus of 10 analysts over the last 12 months. 80% rate it a buy.

Strong buy0
Buy8
Hold2
Underperform0
Sell0

12-month price target · 13 analysts

Average $21.84 (−4.1% downside)

Low: $13.13
Now: $22.78
High: $27.30

Upgrades and downgrades

The latest rating actions, newest first

FTRE analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
UBS	Oct 20, 2026	Maintains	Neutral	$22.00 → $24.00	70%
Deutsche Bank	Oct 15, 2026	Upgrade	Hold → Buy	$20.00 → $25.00	38%
Barclays	Oct 6, 2026	Upgrade	Equal-Weight → Overweight	$22.00 → $23.00	54%
UBS	Sep 30, 2026	Initiates	Neutral	$22.00	70%
TD Cowen	Aug 4, 2026	Maintains	Buy	$19.00 → $23.00	62%
Citigroup	Jul 31, 2026	Maintains	Buy	$20.00 → $22.00	75%
Truist Securities	Jul 30, 2026	Maintains	Buy	$19.00 → $26.00	37%
Evercore ISI Group	Jul 30, 2026	Maintains	Outperform	$20.00 → $25.00	60%
Barclays	Jul 30, 2026	Maintains	Equal-Weight	$18.00 → $22.00	54%
Mizuho	Jul 13, 2026	Maintains	Neutral	$13.00 → $16.00	69%

The case for and against

Updated May 1, 2025

Bull case

Fortrea Holdings demonstrated a positive outlook by achieving net bookings of $940 million, representing a 1.9% year-over-year increase, and surpassing expectations due to robust demand from both large pharma and biotech sectors. The company's strong performance is highlighted by a net book-to-bill ratio of 1.23 times, which exceeded management's target, reflecting solid new business awards and growing customer confidence. Additionally, Fortrea anticipates significant net savings of $40 million to $50 million in 2025, bolstered by continued strength in its Phase I clinical pharmacology services, underscoring the company’s potential for sustained financial growth.

Bear case

Fortrea Holdings has demonstrated weak financial performance, highlighted by an adjusted EBITDA margin of 8.0% in the fourth quarter, falling 280 basis points short of expectations due to reduced billable hours and high SG&A expenses associated with one-time costs. The company's guidance for 2025 indicates stagnant margins and a top-line revenue outlook that is disappointing, forecasting a downturn of approximately 7% year-over-year, driven largely by challenges associated with its pre-spin projects which are anticipated to generate significantly less revenue than initially projected. Furthermore, the blend of older and newer projects continues to negatively impact Fortrea's financial performance, suggesting a difficult path ahead until new business wins become a more significant portion of revenue.

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