Wells Fargo Bumps Up Fastenal Price Target By 16%

• Wells Fargo analyst Michael McGinn upgraded Fastenal Company (NASDAQ:FAST) to Equal Weight from Underweight and raised the price target to $58 (an upside of 5.5%), from $50.
• The analyst believes that sentiment has reached a near-term trough with an economic and geopolitical environment likely to favor scale, quality, domestic revenue, and short-cycle restocking amid additional supply chain concerns.
• McGinn expects the company's Onsite, national accounts, vending, bin stock, and e-commerce platform to continue to drive superior sales.
• Baird analyst David Manthey raised the price target on Fastenal to $66 from $64 and maintained an Outperform rating on the shares.
• The analyst noted February ADS of +21.3% year-over-year beat his conservative +14.4% estimate and came in above his days-adjusted benchmark/normal seasonality.
• Price Action: FAST shares are trading higher by 1.69% at $55.02 on the last check Tuesday.