Baird starts Fortrea stock coverage with neutral, sets $43 target
FTRE
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On Friday, Baird initiated coverage on Fortrea (NASDAQ:FTRE), a company listed on the NASDAQ stock exchange, with a Neutral rating. The firm set a price target for Fortrea shares at $43.00. The coverage comes after a year where Fortrea faced challenges and presented a mixed outlook for 2024, with expectations leaning towards the latter part of the year.
According to Baird, Fortrea’s journey of transformation is still in its early stages, and the firm acknowledges the difficulty in forming a definitive outlook. The 2023 performance of the company did not meet expectations, and while the forecast for 2024 shows potential, it remains uncertain and heavily relies on future developments.
The analyst pointed out that Fortrea notably lags behind its peers in almost every measurable aspect. Despite this, the current market valuation of Fortrea seems to factor in the company’s potential growth anticipated beyond 2025.
Baird highlighted that there are unique and technical aspects of Fortrea that merit attention. Investors are advised to remain aware of these factors as they could present valuable opportunities under the right circumstances.
