Analyst Christopher Snyder from Morgan Stanley maintained a Hold rating on Fastenal Company and keeping the price target at $45.00.
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Christopher Snyder has given his Hold rating due to a combination of factors affecting Fastenal Company’s recent performance. The company’s August sales figures showed a year-over-year increase of 11.8%, which, while positive, fell short of expectations given the seasonal trends and the number of selling days. This was the first instance since 2022 where Fastenal missed its seasonal targets despite having a favorable number of selling days.
Additionally, the anticipated price increases in Fastenal’s products have not materialized as quickly as expected, contributing to the softer performance. The broader industrial environment remains sluggish, and the company’s performance in August may signal a deceleration in the fastener market. These factors, combined with the potential for a negative market reaction following the company’s recent outperformance, have led Snyder to maintain a Hold rating on the stock.
In another report released on September 4, J.P. Morgan also maintained a Hold rating on the stock with a $46.00 price target.
FAST’s price has also changed moderately for the past six months – from $74.490 to $47.990, which is a -35.58% drop .