Fastenal price target raised to $42 from $38 at Bernstein

Bernstein raised the firm’s price target on Fastenal (FAST) to $42 from $38 and keeps an Underperform rating on the shares. A beneficiary of strong PMI and sales growth, margins were worse than feared this quarter, the firm notes. Management indicated that pricing would take longer than expected to implement, raising investor concerns, on top of an admittedly strong run into earnings, adds Bernstein.