Shares of Fortrea Holdings Inc. (FTRE) are soaring 5.02% in pre-market trading on Thursday, following a price target increase from Barclays. The stock's upward movement comes as investors react positively to the revised outlook from a major Wall Street firm.

Barclays analyst Luke Sergott raised the firm's price target on Fortrea to $6 from $5, signaling increased confidence in the company's potential. This 20% boost in the price target has sparked renewed interest in the stock, driving its pre-market rally.

Despite the price target increase, it's worth noting that Barclays maintains an Underweight rating on Fortrea shares. This suggests that while the firm sees some upside potential, it still harbors some reservations about the stock's overall performance. Investors are advised to consider both the raised price target and the maintained Underweight rating when making investment decisions.