Fortrea (FTRE) PT Lowered to $28 at Baird

Baird analyst Eric Coldwell lowered the price target on Fortrea (NASDAQ: FTRE) to $28.00 (from $30.00) while maintaining a Outperform rating.

The analyst commented: "Momentarily spiked ~40% on 3Q report; gave most of that back. Several metrics remain poor and/or sector low in absolute terms, though 1H25 final TSA transition on track, and client relationships, service, and execution are improving. FTRE’s 4Q pipeline is greater than average of prior three quarters; similar to 3Q where FTRE delivered an industry-leading 1.23x NBB. With particularly easy comps and idiosyncratic drivers, we anticipate revenue growth resumption, notable cost leverage, and much lower interest expense to drive superlative EPS growth ahead. Note: anticipate notably lower 1Q25 EBITDA margin vs 4Q24, on normal seasonal items, higher bonus accruals, and spin impact."

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