BofA initiates coverage for Fastenal ahead of Q3 results
07/10/2024 16:57
** BofA initiates coverage for Fastenal FAST.O with "buy"
rating and price target of $85
** PT represents a 21% upside to stock's last close
** "While FAST lagged its long-term market share gain target
in recent years, we think it is making the right changes to
outgrow the market and peers," BofA says
** Brokerage adds co can produce above-peer earnings growth
into 2025 and beyond
** Three of 17 brokerages rate FAST stock "buy", 11 "hold"
and three "sell" or lower; their median PT is $65 - LSEG data
** Up to last close, FAST up 8.35% YTD
(Reporting by Anshuman Tripathy in Bengaluru)
((Anshuman.Tripathy@thomsonreuters.com;))