Evercore ISI analyst Elizabeth Anderson downgraded Fortrea Holdings to In Line from Outperform with a price target of $27, down from $31. Weaker biotech funding data and pharma R&D spending, along with weakening forward indicators for peers who have already reported, point to a decelerating demand environment, prompting a move to the sidelines, the analyst tells investors. The firm has lowered its revenue estimates to reflect this change in macro view while also broadly lowering its EBITDA estimates given the increased difficulty of driving operating leverage with slower revenue growth, the analyst noted.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FTRE:
- Labcorp price target raised to $260 from $240 at BofA
- Fortrea Holdings reinstated with an Equal Weight at Barclays
- Fortrea Holdings removed from ‘Tactical Outperform’ list at Evercore ISI
- Fortrea Holdings price target lowered to $26 from $27 at BofA
- Fortrea Announces Date for Second Quarter 2024 Financial Results and Conference Call