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Barclays starts Fastenal at Equal Weight, sees limited upside potential

Barclays initiated coverage of Fastenal (FAST) with an Equal Weight rating and $49 price target The company is well positioned in a tariff-driven inflationary environment due to its robust network, industrial vending and functional mock-up interface installed base, and large first-in, first-out reported inventory, the analyst tells investors in a research note. While investor attention is on margins, the firm sees the core thesis being about top-line growth. The firm added that the investment positives for Fastenal are already reflected in its record valuation, and sees limited upside potential in the stock.

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