Fortrea downgraded to Neutral from Outperform at Baird

Baird downgraded Fortrea (FTRE) to Neutral from Outperform with a price target of $25, down from $28. The firm says the company “abruptly cancelled” two conferences and its planned new deal roadshow. Given ongoing concerns around the sector, Fortrea’s “choppy” history post spin, and lack of clarity on the abrupt communications course change, Baird says it cannot recommend an actionable investment. “Perhaps there is a takeout looming, perhaps there is bad news looming, perhaps this will all pass without notable updates ahead,” the analyst tells investors in a research note.