Citi lowered the firm’s price target on Fortrea Holdings to $30 from $42 and keeps a Buy rating on the shares post the Q2 report. Management pointed to Q4 EBITDA margins ranging 11%-12% and framed 2025 EBITDA margins in that same range, representing a 30%-40% EBITDA dollar increase on fiscal 2024, the analyst tells investors in a research note. The rim says while bookings missed in Q2, it continues to believe Fortrea “has margin expansion levers particularly in the outer years.”
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