Fastenal gains after Jefferies raises PT
BUZZ-Fastenal gains after Jefferies raises PT ** Industrial supplies distributor Fastenal's FAST.O shares up 2% at $51.73
** Jefferies hikes PT on FAST to $60 from 52, still implying an 18% upside to stock's last close; keeps "buy" rating
** Says investors are rewarding distributors that sell to industrial customers while residential-focused names lose value
** Expects continued industrial growth to push Fastenal's valuation higher
** Cites wider manufacturing demand, double-digit growth across nearly all of Fastenal's end markets and continued market share gains as regional competitors struggle to match its supply-chain reach
** 6 of 21 brokerages rate the stock "buy" or above, 10 "hold", 5 "sell" or below; median PT - $48 - data compiled by LSEG
** Including session's moves, stock up 28.7% YTD
(Reporting by Miraanta Lowrance in Bengaluru)