Fortrea Holdings initiated with a Buy at Jefferies

Jefferies analyst David Windley initiated coverage of Fortrea Holdings with a Buy rating and $44 price target. As a top six contract research origination, Fortrea can drive significant margin expansion over the next 2-4 years, while focusing sales efforts on upper-middle market sponsors, oncology, and full service, the analyst tells investors in a research note. The firm says the company “still has plenty of headroom and ability to compete for large, global studies.”