Fastenal price target raised to $45 from $40 at Loop Capital

Loop Capital raised the firm’s price target on Fastenal (FAST) to $45 from $40 and keeps a Hold rating on the shares. The firm’s industry checks indicate that sales returned to positive growth during June as volume declines moderated and sales broadly met contact expectations, the analyst tells investors in a research note. Elevated valuation is the “biggest challenge”, though Loop expects the near-term glide path for Fastenal to be generally higher, the firm added.