Jefferies Raises Fortrea (FTRE) PT to $9.50 Amid Improved Biotech Funding

Fortrea Holdings Inc. (NASDAQ:FTRE) is one of the best IPO stocks to buy and hold for 3 years. On September 9, Jefferies raised the firm’s price target on Fortrea to $9.50 from $7, while keeping a Hold rating on the shares. This sentiment was mainly driven by the biotech funding being stronger in the last 3 months, and bookings improving across the contract research organization industry.

Earlier, for the second quarter of 2025, Fortrea Holdings reported a revenue of $710.3 million, which was an increase from the $662.4 million recorded in Q2 2024. The company’s GAAP net loss was $374.9 million, which included a non-cash goodwill impairment charge of $309.1 million, contributing to a GAAP loss of $4.14 per diluted share.

Despite the loss, Fortrea achieved a positive adjusted net income of $17.6 million, or $0.19 per diluted share, a turnaround from the $2.3 million adjusted net loss in Q2 2024. Fortrea is now increasing its 2025 revenue guidance to a range of $2,600 to $2,700 million. The company is also affirming its adjusted EBITDA guidance in the range of $170 million to $200 million for the full year.

Fortrea Holdings Inc. (NASDAQ:FTRE) is a contract research organization that provides biopharmaceutical product and medical device development solutions to pharmaceutical, biotechnology, and medical device customers worldwide.

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Disclosure: None. This article is originally published at Insider Monkey.