Fastenal price target raised to $73 from $62 at Baird

Baird analyst David Manthey raised the firm’s price target on Fastenal to $73 from $62 and keeps a Neutral rating on the shares. The firm said they reported strong 4Q23 results despite a still-challenging backdrop in the industrial economy, reflecting typical solid execution and fundamentally, they see a more positive setup in 2024/2025.