UBS analyst Amit Mehrotra reiterated a Neutral rating and $49.00 price target on Fastenal (NASDAQ: FAST).

The analyst commented, "FAST reported average daily sales growth of 11.5% in March. This is strong in absolute terms but missed normal seasonality by 110bps. We think this is still a good result coming on the back of very strong February which was 480bps ahead of normal seasonality...Importantly, the company indicated improving market conditions after a prolonged period of sluggish conditions. This should be a positive indicator for the broader industrial market. However, we look for details on the call related to the impact on demand conditions following recent geopolitical scenario."

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Shares of Fastenal closed at $45.80 yesterday.