Fortrea Holdings initiated with a Neutral rating, $43 target at Baird

As previously reported, Baird initiated coverage of Fortrea Holdings with a Neutral rating and $43 price target. The firm, which says it is “still early chapters in Fortrea’s remaking,” admits to being “torn between alternative bullish and not-so-bullish perspectives.” Fortrea lags peers notably on almost every metric, while the current valuation already credits 2025-plus potential, says the firm, though it adds that there are “idiosyncratic and technical merits that investors shouldn’t sleep on, given the right opportunity.”