Barclays analyst Luke Sergott initiated coverage of Fortrea Holdings with an Equal Weight rating and $29 price target. The company offers plenty of room for margin expansion through 2024-2025 which, along with topline acceleration, should lead to multiple expansion, the analyst tells investors in a research note. The firm adds however that in the near term, the stock is a show-me story as investors may first want to see evidence of the funding greenshoots showing up in topline in addition to seeing margin improvements.
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