Fastenal price target raised to $64 from $60 at Loop Capital

Loop Capital analyst Chris Dankert raised the firm’s price target on Fastenal to $64 from $60 and keeps a Hold rating on the shares. The company posted a solid quarter to finish the year as gross margin execution and discretionary cost control drove the margin and earnings beat, but its growth remains somewhat anemic as underlying demand remains subdued to start the year, the analyst tells investors in a research note. Loop Capital added that Onsite signings and subsequent sales growth have lagged for Fastenal relative to recent history.