Fortrea Holdings upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded Fortrea Holdings to Overweight from Equal Weight with a price target of $38, up from $29. Given the strong Q3 bookings and underlying market strength, the analyst thinks the company’s 2023 guidance is “de-risked.” Fortrea’s 2024 framework implies significant upside to Street’s EBITDA target, and Barclay’s estimate of $350M has room for upside on better growth and operating leverage, the analyst tells investors in a research note.