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Fortrea Holdings (FTRE) stock has hit a 52-week low, dropping to $16.53 as the company grapples with a challenging market environment. According to InvestingPro data, the company currently shows a strong free cash flow yield despite not being profitable over the last twelve months. This latest price level reflects a significant downturn from previous periods, with the stock experiencing a steep 1-year change, plummeting by -46.86%. Investors are closely monitoring Fortrea’s performance as it navigates through these headwinds, with the hope that the company’s strategic initiatives may eventually steer it back towards a path of growth and recovery. InvestingPro analysis suggests the stock is currently undervalued, with analysts projecting profitability this year despite expectations of declining sales. For deeper insights into Fortrea’s valuation and growth prospects, access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Fortrea has seen mixed results in its third-quarter earnings, with a 5.4% decrease in year-over-year revenue to $674.9 million, but a strong book-to-bill ratio of 1.23 and a 6.2% growth in backlog to $7.6 billion. Despite these challenges, analysts expect the company to achieve profitability this year, with an EPS forecast of $0.53 for 2024. Notably, Fortrea’s stock has been downgraded by both Citi and Baird, citing concerns about market uncertainty and the company’s recent cancellation of two conferences. However, Baird maintained an Outperform rating on Fortrea while reducing the price target to $28.00, and TD Cowen increased the stock’s price target to $25, reflecting optimism about the company’s future business opportunities. These recent developments underscore the shifting landscape for Fortrea in the current market conditions.
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