UBS Maintains a 'Neutral' on Fastenal (FAST); Looking Less Robust - Cutting Outlook

May 30, 2012 10:03 AM EDT Send to a Friend
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Price: $41.50 --0%

Rating Summary:
    3 Buy, 6 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 10
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UBS maintains a 'Neutral' on Fastenal (NASDAQ: FAST) price target lowered from $53 to $49.

Analyst, Robert Barry, said, "Indicators we track show a U.S. manufacturing economy (FAST’s core end market) that remains healthy, though less robust than it was a year ago at this time. The ISM is firmly above 50, with the new orders component ticking up about 4 points to 58.2 in April. IP grew 5.2% y/y in Apr after +4.3% in 1Q, and mfg hours/OT hours continue to grow y/y. But we think international growth remains less frothy and the non-res market (~20% sales) continues to show only pockets of strength. Our 2012 sales growth estimate falls to 19% from 21%."

UBS lowers FY12 EPS estimate from $1.53 to $1.50 and FY13 from $1.95 to $1.90.

For an analyst ratings summary and ratings history on Fastenal click here. For more ratings news on Fastenal click here.

Shares of Fastenal closed at $45.43 yesterday.


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