Fortrea Holdings price target raised to $33 from $29 at BofA

BofA raised the firm’s price target on Fortrea Holdings to $33 from $29 and keeps an Underperform rating on the shares. Q4 sales and adjusted EBITDA and FY24 guidance fell short and Fortrea also announced the divestiture of its Endpoint Clinical & Patient Access businesses, notes the analyst. While the divestiture will help focus the business and reduce leverage, the firm found it “a bit surprising” given that these offerings were initially pitched as a differentiating factor for the company as it seeks to distinguish itself from peers, the analyst tells investors.