UBS Reiterates Neutral Rating on Fastenal (FAST) Following Q1 Results

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."

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 $45.80 yesterday.

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