Goldman Sachs initiated coverage of Fortrea Holdings with a Neutral rating and $28 price target. The analyst initiated coverage of the contract research organizations sector, believing the industry represents an undervalued approach to gain exposure to a potential recovery in large pharma and emerging biotech spend. Longer term there is potential for Fortrea becoming a “compelling story,” bur execution remains key and Goldman will monitor evidence of more consistency before becoming more positive, the analyst tells investors in a research note.
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