Baird analyst David Manthey raised the firm’s price target on Fastenal to $60 from $57 and keeps a Neutral rating on the shares. The firm said the Q2 earning miss does not change their view of the company or the industry as their estimates assume continued weakening demand and moderating margins ahead.
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Read More on FAST:
- Fastenal downgraded to Equal Weight at Stephens on valuation, macro conditions
- Fastenal downgraded to Equal Weight from Overweight at Stephens
- Fastenal reports Q2 daily sales up 5.9% y/y
- Fastenal says ‘global supply chains have normalized versus the prior year’
- Fastenal reports Q2 EPS 52c, consensus 53c
