Fastenal price target lowered to $66 from $71 at Loop Capital

Loop Capital analyst Chris Dankert lowered the firm’s price target on Fastenal to $66 from $71 and keeps a Hold rating on the shares. The firm has reduced its estimates to reflect the slower start to sales growth for 2024 and the incremental drag on margin arising from ongoing investment spending, the analyst tells investors in a research note. The stock’s current valuation also appears full and lacking a fundamental catalyst, Loop Capital added.