Stifel Reiterates Buy Rating on Fastenal (FAST)

Stifel analyst Michael Hoffman reiterated a Buy rating and $80.00 price target on Fastenal (NASDAQ: FAST).

The analyst comments "Summary We maintain our Buy rating and $80 target price on Fastenal Company (FAST, Buy, $65.18). FAST reported daily August sales up 3.0% M/ M and up 2.1% Y/Y versus Jul24 down 5.3% M/M and up 0.5% Y/Y. The DSG is better than the historical August daily sales growth average of up 2.7% M/M between 2018 and 2023 (excluding 2020). The two-year stack (CAGR) for August daily sales growth was 2.9% vs 2.1% in Jul24. M/M DSG among both national and non-national accounts was better than Jul24. If daily sales Y/Y growth held at the Aug24 pace of up 2.1% for remainder of 3Q24, then revenues would potentially be up 3.1% Y/Y to $1.904B in 3Q24 versus consensus of $1.918B, up 3.9% Y/Y."

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 $65.18 yesterday.

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