DA Davidson initiated coverage of Fastenal Company with a Neutral rating and a $46 price target on June 15. The firm noted the company's ability to deliver double-digit sales growth and described it as a cross-cycle earnings compounder, but cautioned that consensus estimates may be too high due to near-term margin challenges. Separately, Barclays raised its price target on Fastenal to $46 from $45 and maintained an Equal Weight rating on June 3, citing higher earnings estimates ahead of the May sales release and projecting 14.4% year-over-year daily sales growth for that month.
Fastenal CompanyDA Davidson initiates with Neutral rating and $46 PT, citing double-digit sales growth but cautioning on near-term margin challenges; Barclays raises PT to $46, citing higher earnings estimates.
Barclays PLC