DA Davidson analyst Chris Dankert reiterated a Neutral rating and $46.00 price target on Fastenal (NASDAQ: FAST).

The analyst commented, "Price/cost is expected to remain a near-term challenge; however, sales growth is on a blistering pace (June ADS +15% y/y) as FAST continues to deliver market share gains aided by its Focus-40 initiatives and captive trucking fleet advantage. As a result, our estimates move higher and we now forecast CY27 adj. EPS of $1.38 (+$0.07). We see the margin reset as a modest clearing event and we are more constructive on shares of FAST following this recalibration. Maintaining our Neutral rating and $46 PT (33x our CY27 EPS forecast)."

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Shares of Fastenal closed at $45.36 yesterday.