Fastenal price target raised to $85 from $75 at Stifel

Stifel raised the firm’s price target on Fastenal to $85 from $75 and keeps a Buy rating on the shares. The firm has adjusted its 10-year and long-term free cash flow growth rate to frame a higher range as it assumes Fastenal can drive price of 2%-3%, market share growth of 5%-6% and IP of 2%-3% to support high-single digit organic growth, the analyst tells investors.