Fastenal price target raised to $60 from $50 at Jefferies

Jefferies analyst Stephen Volkmann raised the firm’s price target on Fastenal to $60 from $50 and keeps a Hold rating on the shares after having recently hosted the company’s CFO Holden Lewis and SVP of National Accounts Sam Nafe for meetings. Fastenal’s strategic shift at branches is creating some near-term volume headwinds, which should begin to abate around year-end, and the company expects stronger long-term growth trends once these are completed, the analyst tells investors in a recap.