UBS Maintains a 'Buy' on Fastenal (FAST); Q2 Evidences Growing Top Line Momentum

UBS maintains a 'Buy' on Fastenal (NASDAQ: FAST), PT raised by $2 to $38.

UBS analyst says, 'Revenue growth accelerated in 2Q to +22% yoy (organic) despite a much tougher comp and moderation in macro data (i.e. ISM). We were particularly encouraged by qoq acceleration in the core manufacturing end market. And we remain bullish on FAST’s vending initiative. Vending, while nascent, evidenced potential in 2Q as a material driver of market share gain, which we think underpins the industrial distribution investment case. As a result we’re raising our revenue growth outlook." (FY11 EPS estimate increased from $1.18 to $1.21 and FY12 from $1.48 to $1.50)

For more ratings news on Fastenal click here and for the rating history of Fastenal click here.

Shares of Fastenal closed at $34.50 yesterday.

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