Fastenal upgraded to Outperform from Neutral at Baird

Baird upgraded Fastenal (FAST) to Outperform from Neutral with a price target of $55, up from $47. The firm believes the market is underestimating the company’s earnings power. It has growing confidence in Fastenal’s recent strategic changes and sees a favorable cyclical setup driving accelerating outgrowth. Upward estimate revisions over the next 12 months should bring share outperformance relative to the broader market, the analyst tells investors in a research note.