KeyBanc Upgrades Fastenal (FAST) to Overweight

KeyBanc upgraded Fastenal (NASDAQ: FAST) from Sector Weight to Overweight with a price target of $53.

Analsyt Ryan Cieslak said, "We recommend a more constructive investment approach to industrial distributors based on an increasingly favorable fundamental backdrop for the next several years. We take this view based on: 1) initial signs of improving order trends; 2) a more favorable U.S. manufacturing inventory backdrop; and 3) industrial demand and pricing prospects in coming years post the recent election. While uncertainty remains, we believe the outlook now leans positively, with group sentiment turning favorable and supported NT by a focus on a potential industrial recovery beginning 2H17/2018."

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 $47.17 yesterday.

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