These Analysts Slash Their Forecasts On Fortrea Holdings After Q1 Results
Portfolio Pulse from Avi Kapoor
Fortrea Holdings Inc. (NASDAQ:FTRE) reported lower than expected Q1 FY24 results, missing revenue and adjusted EPS forecasts. The company also reduced its FY24 revenue and adjusted EBITDA guidance, leading to a 14.9% drop in its stock price. Analysts from Baird and Evercore ISI Group adjusted their price targets and ratings in response.
May 14, 2024 | 1:24 pm
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Fortrea Holdings reported disappointing Q1 FY24 results, with revenue and adjusted EPS below expectations. The company also lowered its FY24 guidance, causing a significant stock price drop. Analysts from Baird and Evercore ISI Group have revised their price targets and ratings.
The missed earnings and reduced guidance directly impact investor sentiment and the stock's valuation. The significant stock price drop reflects immediate market reaction. Analysts' revised targets indicate a recalibration of future expectations, potentially influencing short-term trading behavior.
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