Deslande v. Fortrea Holdings Inc. — Entry #65
Case: Deslande v. Fortrea Holdings Inc. nysd · 1:25-cv-04630
filed June 02, 2025
What this document is
Docket entry #65 · filed January 28, 2026
Who is involved
- City of Boca Raton Police and Firefighters Retirement System
- City of Pontiac Reestablished General Employees' Retirement System
- Construction Industry Laborers Pension Fund
- Fortrea Holdings Inc.
- Jill McConnell
- Lucas Deslande
- Nova Scotia Public Service Superannuation Plan
- Nova Scotia Teachers' Pension Plan
- Stefan Muenchhagen
- Thomas Pike
Why we have it
We follow this case because it names a company we track, although that company is not a party:
- Hut 8: its name “Hut 8 Corp.” appears in a filing in this case.
…Plaintiff, v. HUT 8 CORP., JAIME LEVERTON, and SHENIF VISRAM,…
- CleanSpark: its name “CleanSpark, Inc.” appears in a filing in this case.
…2019) ...........................7 Bishins v. CleanSpark, Inc., No. 21 CV 511 (LAP), 2023 WL 112558…
A free copy from the RECAP archive of federal court filings (mirrored at the Internet Archive), retrieved September 28, 2026. Federal court filings are public records.
Document text
10 page(s), 63,229 characters, converted from the PDF's text layer · plain text.
Full text
Case 1:25-cv-04630-KPF Document 65-13 Filed 01/28/26 Page 1 of 10
Exhibit M
Case 1:25-cv-04630-KPF Document 65-13 Filed 01/28/26 Page 2 of 10
USA | Healthcare Services
Equity Research
Fortrea Inc March 11, 2024
4 Key Insights: FTRE 4Q23 ESTIMATE CHANGE
RATING BUY
Initial investor selloff this morning reflected disappointment around EBITDA
margin <9% and the price concessions disclosed in the EBITDA bridge. PRICE $36.41^
However, by the close, mgt's clearly defined path to 13%+ EBITDA margins had PRICE TARGET | % TO PT $44.00 | +21%
clearly resonated. The strategy: divesting Enabling Services to focus on full- 52W HIGH-LOW $38.47 - $24.93
service CRO, selectively discounting to win here while maintaining some excess FLOAT (%) | ADV MM (USD) 99.4% | 30.13
headcount to accommodate future growth. Reit Buy; maintain $44 PT (13.4x MARKET CAP $3.2B
'25). TICKER FTRE
^Prior trading day's closing price unless otherwise
noted.
Why Was '23 EBITDA Margin <9%? In '23, EBITDA margin decreased 450 bps y/y. Even before the
call, we and investors widely understood that FTRE's operating costs are higher than peers', in part
CHANGE TO JEFe JEF vs CONS
due to Transition Service Agreements (TSAs) with LH. Today, mgt also pointed to sequentially lower
2024 2025 2024 2025
attrition/higher FTEs through '23 and YTD. As a result, FTRE should have high incremental margin
with rev growth. During our callback, mgt further alluded to a 4Q decrease in services (605) revenue EBITDA -14% -11% -14% -5%
vs. the growth reported y/y on 606 basis. Services revenue generates EBITDA; pass-throughs do EPS +66% +17% +5% +29%
not.
2024 ($) Q1 Q2 Q3 Q4 FY
Bridge to 13% EBITDA Margin in 4Q24 and Beyond. This is an explicit target from mgt. With 60% EPS 0.06 0.18 0.40 0.54 1.19
of TSAs ($ value) left to be terminated, primarily in 2H, the areas for cost cuts are obvious. 1H24 PREV 0.71
may see depressed margins, however, bonus accrual is reinstated and soft 1H23 bookings may
not translate into enough revenue to fully utilize headcount. As such, mgt is expecting 1/3 of total
EBITDA $ to fall in 1H vs. 2/3 in 2H. GM should improve particularly in 2H24 vs. SG&A cuts more
material in '25. Mgt plans revise its P&L geography of IT costs between SG&A vs. cost of services, to
more closely match industry norms. Currently, Cost of Sales is overstated and SG&A understated.
This is more congruent with duplicative IT/TSA costs.
Glimpses of Mgt's Strategy. Despite the client concession FTRE backed out from adjusted EBITDA
($5.5M in '23 growing to $7.0M in '24), FTRE appears to be behaving rationally with price. It wants
to continue winning business for its capabilities, surgically competing on price while adjusting
its cost structure behind the scenes. Along this vein, divesting Enabling Services makes perfect
sense. The business was a drag on margins (and perhaps on Historic View backlog) last year. Mgt's
quantification of the lost annualized contribution...$250M rev/$30M EBITDA...sounds high to us.
Key Points on Demand and Bookings. 1) Mgt still sees a 1.2x as achievable in 1Q and 2024. 2)
Getting to 1.2x in 1Q doesn't pull-forward and create a tougher "lift" in 2Q. 3) Business mix is fairly
balanced across pharma/biotech and full service/FSP/ClinPharm. 4) Mgt wants to be competitive
but, consistent with comments in Jan, is not chasing large-scale, tightly-priced FSP work where it
is not adequately scaled. Mgt believes FTRE is pricing in line with competitors. Even if that is not
fully accurate, it highlights massive cost inefficiencies in the business.
(FY Dec) 2022A 2023A 2024E 2025E David Windley, CFA * | Equity Analyst
(615) 963-8313 | dwindley@jefferies.com
EBITDA (MM) 405.1 267.3 286.2 403.8
Jonathan Lim, MD * | Equity Analyst
Cons. EBITDA - 273.3 333.7 424.5
(615) 963-8312 | jlim2@jefferies.com
EPS 3.40 1.40 1.19 2.32
Tucker Remmers * | Equity Associate
Cons. EPS - 1.28 1.13 1.80 +1 (615) 963-8315 | tremmers@jefferies.com
Please see analyst certifications, important disclosure information, and information regarding the status of non-US analysts on pages 4 - 9 of this report.
* Jefferies LLC / Jefferies Research Services, LLC
Case 1:25-cv-04630-KPF Document 65-13 Filed 01/28/26 Page 3 of 10
Fortrea Holdings Inc (FTRE)
Equity Research
March 11, 2024
The Long View: Fortrea Inc
Investment Thesis / Where We Differ Risk/Reward - 12 Month View
• FTRE entered the public markets with multiple preexisting operational
Upside : Downside
challenges after years of underinvestment and the added burden of debt. 65
2.07 : 1
• Even so, FTRE is a reputable midsized clinical CRO that performs 60 60 (+65%)
surprisingly well in our annual sponsor survey, e.g, in terms of expertise 55
with decentralized trials. 50
• We believe the initial financial projections were overly optimistic re: FTRE's 45 44 (+21%)
ability to reduce operational expenses as a standalone company. 40
• We also disagree with many investors as to the root causes of FTRE's 35
30
subpar EBITDA margins. The public narrative has been that the cost
25 25 (-31%)
structure, especially wages, is too high. To us, topline productivity per head
20
is the larger issue. 2024 +12 mo.
Base Case, Upside Scenario, Downside Scenario,
$44, +21% $60, +65% $25, -31%
• FTRE's quarterly net book-to-bill (B2B) remains • FTRE sequentially improves net book-to-bill • FTRE's net book-to-bill (B2B) deteriorates and
above 1.20x from hereon. (B2B) in 2024. FTRE fails to sustain >1.20x B2B ratios.
• Clinical Services revenue growth reaches 3-5% • Clinical growth is 3-5% y/y throughout 2024 • Clinical revenue declines LSD% in 2024, as
in 2H24 • Enabling Services is divested in 2Q24 and FTRE FTRE fails to find ways to utilize extra
• Enabling Services is divested in 2Q24 realizes $50M in milestone payments headcount, i.e., productivity fails to improve
• EBITDA margin rebounds to 10% by YE23 and • EBITDA margin improves >300 bps by YE24, • Enabling Services divestiture potentially is
continues to improve in 2024, exiting YE24 at ending the year above mgt's 13% target delayed
mgt's 13% target • 2025E EBITDA: $489M; Target Multiple: 15.4x • EBITDA margin stays <10% through 2024
• 2025E EBITDA: $445M; Target Multiple: 13.4x • 2025E EBITDA: $393M; Target Multiple: 10.5x
Sustainability Matters Catalysts
Top Material Issue(s): 1) Human Rights & Community Relations: To ensure fairness for human • Demonstrating EBITDA margin improvement
trial subjects, CROs must validate protocols, maintain data integrity, and report adverse health
• Exiting Labcorp Transition Service Agreements
events expeditiously. CROs can advance patient safety by leveraging insights to identify the most
suitable trial patients and effectively monitoring protocol adherence. In addition, diversity and (TSAs)
inclusion in the recruitment process must be a key focus — underrepresentation of minority groups
in clinical trials is an ongoing concern. 2) Employee Engagement, Diversity & Inclusion: Human
capital is core to any CRO's business model. Employees work directly with biopharma sponsors
to develop and execute clinical trials and patient access programs. Maintaining a healthy work
environment ensures that employees can work at their best.
Company Target(s): N/A
Qs to Management: 1) How does FTRE's patient recruitment engine optimize representation
of diverse populations in clinical trials? 2) What employee retention, living wage, and career
development programs does FTRE offer to maximize retention and employee satisfaction?
Please see important disclosure information on pages 4 - 9 of this report. 2
This report is intended for Jefferies clients only. Unauthorized distribution is prohibited.
Case 1:25-cv-04630-KPF Document 65-13 Filed 01/28/26 Page 4 of 10
Fortrea Holdings Inc (FTRE)
Equity Research
March 11, 2024
Exhibit 1 - FTRE Model
FORTREA HOLDINGS INC.
Earnings Model
1Q23 2Q23 3Q23 4Q23 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025
FY December 2023 2024E 2025E 2026E
Source: Jefferies LLC Q1 Q2 Q3 Q4 2023 Q1E Q2E Q3E Q4E 2024 Q1E Q2E Q3E Q4E 2025
Net revenue $764,200 $793,000 $776,400 $775,400 $3,109,000 $763,812 $776,825 $732,965 $746,905 $3,020,507 $746,081 $761,815 $777,360 $793,621 $3,078,878
Direct costs 636,200 649,400 647,300 655,700 2,588,600 653,539 658,847 605,157 601,727 2,519,270 603,302 613,740 623,931 634,602 2,475,575
SG&A 78,000 80,800 78,900 98,900 336,600 93,603 89,371 73,331 73,979 330,284 73,151 73,932 75,441 77,019 299,542
Unallocated adjustments 7,100 9,700 20,300 46,400 83,500 30,552 31,073 27,486 26,142 115,253 24,248 24,759 25,264 25,793 100,064
EBITDA 57,100 72,500 70,500 67,200 267,300 47,223 59,679 81,964 97,340 286,206 93,876 98,903 103,253 107,794 403,824
Depreciation 6,900 9,100 8,600 8,000 32,600 8,000 8,000 8,000 8,000 32,000 8,000 8,000 8,000 8,000 32,000
Operating expenses 714,000 729,600 714,500 716,200 2,874,300 724,589 725,146 659,001 657,564 2,766,301 660,206 670,913 682,107 693,828 2,707,054
EBIT 50,200 63,400 61,900 59,200 234,700 39,223 51,679 73,964 89,340 254,206 85,876 90,903 95,253 99,794 371,824
Interest (expense)/income - (700) (34,600) (34,500) (69,800) (31,837) (29,923) (28,079) (27,562) (117,402) (27,070) (26,672) (26,475) (26,244) (106,460)
Charges - - - - - - - - - - - - - - -
FX (gain)/loss - other - - - - - - - - - - - - - - -
Pretax income 50,200 62,700 27,300 24,700 164,900 7,386 21,756 45,885 61,778 136,804 58,806 64,231 68,778 73,550 265,364
Taxes 9,900 16,400 6,000 8,100 40,400 1,809 5,330 10,095 13,591 30,825 12,937 14,131 15,131 16,181 58,380
Equity investee
Net income
Adjustments
Adjusted NI 40,300 46,300 21,300 16,600 124,500 5,576 16,426 35,790 48,187 105,979 45,869 50,100 53,647 57,369 206,984
EPS
EPS b/f charges $0.45 $0.52 $0.24 $0.19 $1.40 $0.06 $0.18 $0.40 $0.54 $1.19 $0.51 $0.56 $0.60 $0.64 $2.32
Diluted shares 88,800 88,800 89,200 89,200 89,000 89,200 89,200 89,200 89,200 89,200 89,200 89,200 89,200 89,200 89,200
Common Size:
Net revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Growth
Direct costs 83.3% 81.9% 83.4% 84.6% 83.3% 85.6% 84.8% 82.6% 80.6% 83.4% 80.9% 80.6% 80.3% 80.0% 80.4%
Gross margin 16.7% 18.1% 16.6% 15.4% 16.7% 14.4% 15.2% 17.4% 19.4% 16.6% 19.1% 19.4% 19.7% 20.0% 19.6%
SG&A 10.2% 10.2% 10.2% 12.8% 10.8% 12.3% 11.5% 10.0% 9.9% 10.9% 9.8% 9.7% 9.7% 9.7% 9.7%
Other -0.9% -1.2% -2.6% -6.0% -2.7% -4.0% -4.0% -3.8% -3.5% -3.8% -3.3% -3.3% -3.3% -3.3% -3.3%
Adj. EBITDA margin 7.5% 9.1% 9.1% 8.7% 8.6% 6.2% 7.7% 11.2% 13.0% 9.5% 12.6% 13.0% 13.3% 13.6% 13.1%
D&A 0.9% 1.1% 1.1% 1.0% 1.0% 3.0% 3.0% 3.0% 3.0% 1.1% 3.0% 3.0% 3.0% 3.0% 1.0%
Total expenses 93.4% 92.0% 92.0% 92.4% 92.5% 94.9% 93.3% 89.9% 88.0% 91.6% 88.5% 88.1% 87.7% 87.4% 87.9%
EBIT 6.6% 8.0% 8.0% 7.6% 7.5% 5.1% 6.7% 10.1% 12.0% 8.4% 11.5% 11.9% 12.3% 12.6% 12.1%
Interest expense 0.0% -0.1% -4.5% -4.4% -2.2% -4.2% -3.9% -3.8% -3.7% -3.9% -3.6% -3.5% -3.4% -3.3% -3.5%
Charges 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
FX (gain)/loss 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pretax income 6.6% 7.9% 3.5% 3.2% 5.3% 1.0% 2.8% 6.3% 8.3% 4.5% 7.9% 8.4% 8.8% 9.3% 8.6%
Taxes 19.7% 26.2% 22.0% 32.8% 24.5% 24.5% 24.5% 22.0% 22.0% 22.5% 22.0% 22.0% 22.0% 22.0% 22.0%
Equity investee 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Net income 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Adjusted net income 5.3% 5.8% 2.7% 2.1% 4.0% 0.7% 2.1% 4.9% 6.5% 3.5% 6.1% 6.6% 6.9% 7.2% 6.7%
% Change
Net Revenue -1.9% 0.0% 1.8% 1.8% 0.4% -0.1% -2.0% -5.6% -3.7% -2.8% -2.3% -1.9% 6.1% 6.3% 1.9%
Direct Costs -0.3% 5.7% 8.8% 9.2% 5.8% 2.7% 1.5% -6.5% -8.2% -2.7% -7.7% -6.8% 3.1% 5.5% -1.7%
SG&A 4.0% 13.5% 11.6% 57.2% 20.3% 20.0% 10.6% -7.1% -25.2% -1.9% -21.8% -17.3% 2.9% 4.1% -9.3%
EBITDA -23.7% -37.1% -33.0% -38.8% -34.0% -17.3% -17.7% 16.3% 44.9% 7.1% 98.8% 65.7% 26.0% 10.7% 41.1%
D&A 3.0% 33.8% 32.3% 14.3% 20.7% 15.9% -12.1% -7.0% 0.0% -1.8% 0.0% 0.0% 0.0% 0.0% 0.0%
Total expenses 0.4% 6.6% 7.7% 8.7% 5.8% 1.5% -0.6% -7.8% -8.2% -3.8% -8.9% -7.5% 3.5% 5.5% -2.1%
EBIT -26.3% -41.6% -37.3% -42.4% -37.9% -21.9% -18.5% 19.5% 50.9% 8.3% 118.9% 75.9% 28.8% 11.7% 46.3%
Interest expense 4174.8% -18.8% -20.1% 68.2% -10.9% -5.7% -4.8% -9.3%
Pretax income -26.3% -42.2% -72.3% -76.0% -56.4% -85.3% -65.3% 68.1% 150.1% -17.0% 696.2% 195.2% 49.9% 19.1% 94.0%
Taxes -28.8% -26.8% -67.4% -61.8% -46.8% -81.7% -67.5% 68.2% 67.8% -23.7% 615.0% 165.1% 49.9% 19.1% 89.4%
Net income
Net income ex. charges -25.6% -46.2% -73.5% -79.7% -58.8% -86.2% -64.5% 68.0% 190.3% -14.9% 722.6% 205.0% 49.9% 19.1% 95.3%
EPS
EPS b/f Charges -25.6% -46.2% -73.6% -79.7% -58.9% -86.2% -64.7% 68.0% 190.3% -15.1% 722.6% 205.0% 49.9% 19.1% 95.3%
GAAP Income Statement
Revenues 764,200 793,000 776,400 775,400 3,109,000 763,812 776,825 732,965 746,905 3,020,507 746,081 761,815 777,360 793,621 3,078,878
- - -
Direct costs 636,200 649,400 647,300 655,700 2,588,600 653,539 658,847 605,157 601,727 2,519,270 603,302 613,740 623,931 634,602 2,475,575
SG&A 78,000 80,800 78,900 98,900 336,600 93,603 89,371 73,331 73,979 330,284 73,151 73,932 75,441 77,019 299,542
D&A 22,800 25,100 24,600 23,900 96,400 23,950 23,950 23,950 23,950 95,800 23,225 23,225 23,225 23,225 92,900
Goodwill and other asset impairments - - - - - - - - - - - - - - -
Restructuring and other charges 1,200 3,900 11,600 7,600 24,300 - - - - - - - - - -
Operating expenses 738,200 759,200 762,400 786,100 3,045,900 771,092 772,169 702,438 699,656 2,945,354 699,678 710,897 722,597 734,846 2,868,017
EBIT 26,000 33,800 14,000 (10,700) 63,100 (7,280) 4,656 30,528 47,249 75,153 46,403 50,919 54,764 58,776 210,861
-
Interest (expense)/income - (700) (34,600) (34,500) (69,800) (31,837) (29,923) (28,079) (27,562) (117,402) (27,070) (26,672) (26,475) (26,244) (106,460)
FX (loss)/gain (5,500) 5,400 (900) 1,900 900 - - - - - - - - - -
Other (expense)/income 600 400 3,600 2,300 6,900 - - - - - - - - - -
Pretax income 21,100 38,900 (17,900) (41,000) 1,100 (39,117) (25,267) 2,448 19,686 (42,249) 19,333 24,247 28,289 32,532 104,401
Taxes paid (benefit) 3,700 10,600 (4,800) (5,000) 4,500 (9,584) (6,190) 539 4,331 (10,904) 4,253 5,334 6,224 7,157 22,968
GAAP Net Income 17,400 28,300 (13,100) (36,000) (3,400) (29,533) (19,077) 1,910 15,355 (31,345) 15,080 18,912 22,065 25,375 81,433
effective tax rate 17.5% 27.2% 26.8% 12.2% 409.1% 24.5% 24.5% 22.0% 22.0% 25.8% 22.0%
EPS $0.20 $0.32 ($0.15) ($0.40) -$0.04 ($0.33) ($0.21) $0.02 $0.17 -$0.35 $0.17 $0.21 $0.25 $0.29 $0.91
Diluted shares 88,800 88,800 89,200 89,200 89,000 89,000 89,000 89,000 89,000 89,000 89,000 89,000 89,000 89,000 89,000
.
Source: Jefferies, Company data
Please see important disclosure information on pages 4 - 9 of this report. 3
This report is intended for Jefferies clients only. Unauthorized distribution is prohibited.
Case 1:25-cv-04630-KPF Document 65-13 Filed 01/28/26 Page 5 of 10
Fortrea Holdings Inc (FTRE)
Equity Research
March 11, 2024
Company Description
Fortrea Inc
Fortrea is the former Labcorp Drug Development clinical research organization. Spun off from Labcorp in 2023, it encompasses most of the Covance
CRO that Labcorp acquired in 2014, less the preclinical operations (Labcorp Early Development).
Company Valuation/Risks
Fortrea Inc
We value Fortrea at 13.4x EV/'25 EBITDA, a discount to peers ICLR and IQV. We believe 2025 could be Fortrea's first full year of EBITDA margins
in the teens as a public company. To get there, however, Fortrea must drive consistent margin improvement throughout 2024 by growing topline
and cutting costs.
Analyst Certification:
I, David Windley, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and
subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views
expressed in this research report.
I, Jonathan Lim, MD, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and
subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views
expressed in this research report.
I, Tucker Remmers, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject
company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed
in this research report.
As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives
compensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but
various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published
at irregular intervals as appropriate in the analyst's judgement.
Investment Recommendation Record
(Article 3(1)e and Article 7 of MAR)
Recommendation Published March 11, 2024 , 20:41 ET.
Recommendation Distributed March 11, 2024 , 20:41 ET.
Company Specific Disclosures
Explanation of Jefferies Ratings
Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.
Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.
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The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-
month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistently
below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with an
average security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.
NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or Jefferies
policies.
CS - Coverage Suspended. Jefferies has suspended coverage of this company.
NC - Not covered. Jefferies does not cover this company.
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prohibit certain types of communications, including investment recommendations.
Monitor - Describes securities whose company fundamentals and financials are being monitored, and for which no financial projections or opinions on the
investment merits of the company are provided.
Please see important disclosure information on pages 4 - 9 of this report. 4
This report is intended for Jefferies clients only. Unauthorized distribution is prohibited.
Case 1:25-cv-04630-KPF Document 65-13 Filed 01/28/26 Page 6 of 10
Fortrea Holdings Inc (FTRE)
Equity Research
March 11, 2024
Valuation Methodology
Jefferies' methodology for assigning ratings may include the following: market capitalization, maturity, growth/value, volatility and expected total return over
the next 12 months. The price targets are based on several methodologies, which may include, but are not restricted to, analyses of market risk, growth rate,
revenue stream, discounted cash flow (DCF), EBITDA, EPS, cash flow (CF), free cash flow (FCF), EV/EBITDA, P/E, PE/growth, P/CF, P/FCF, premium (discount)/
average group EV/EBITDA, premium (discount)/average group P/E, sum of the parts, net asset value, dividend returns, and return on equity (ROE) over the
next 12 months.
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Risks which may impede the achievement of our Price Target
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Other Companies Mentioned in This Report
• Fortrea Holdings Inc (FTRE: $36.41, BUY)
Rating and Price Target History for: Fortrea Holdings Inc (FTRE) as of 03-08-2024
01/04/2024 I:BUY:$44.00
40
38
36
34
32
30
28
26
24
Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24
Notes: Each box in the Rating and Price Target History chart above represents actions over the past three years in which an analyst initiated on a company,
made a change to a rating or price target of a company or discontinued coverage of a company.
Legend:
I: Initiating Coverage
D: Dropped Coverage
B: Buy
H: Hold
UP: Underperform
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Case 1:25-cv-04630-KPF Document 65-13 Filed 01/28/26 Page 7 of 10
Fortrea Holdings Inc (FTRE)
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March 11, 2024
Distribution of Ratings IB Serv./Past12 Mos. JIL Mkt Serv./Past12 Mos.
Count Percent Count Percent Count Percent
BUY 1992 58.97% 350 17.57% 117 5.87%
HOLD 1218 36.06% 115 9.44% 21 1.72%
UNDERPERFORM 168 4.97% 4 2.38% 3 1.79%
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Case 1:25-cv-04630-KPF Document 65-13 Filed 01/28/26 Page 8 of 10
Fortrea Holdings Inc (FTRE)
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March 11, 2024
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Case 1:25-cv-04630-KPF Document 65-13 Filed 01/28/26 Page 9 of 10
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Case 1:25-cv-04630-KPF Document 65-13 Filed 01/28/26 Page 10 of 10
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