Mizuho lowered the firm’s price target on Fortrea (FTRE) to $8 from $10 and keeps a Neutral rating on the shares. The company reported a good Q1 earnings beat, but reported weaker than expected bookings trends driven by delays in awards for biotech clients and soft demand in clinical pharmacology, the analyst tells investors in a research note. The firm expects the funding backdrop and volatile macroeconomic environment coupled with the loss of its CEO to continue to put pressure on Fortrea.
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