Fastenal Company Upgraded to “Outperform” by Baird Analysts

Baird analysts upgraded industrial and construction product supplier Fastenal Company (FAST) on Friday with expectations of growth.

The analysts upgraded FAST from “Neutral” to “Outperform” with a price target of $51. The target is a +21.5% increase from Thursday’s closing price of $41.99.

The firm also said that risk versus reward is attractive in Fastenal because the company is expected to see accelerated earnings growth in the future.

Fastenal shares were up 21 cents, or +0.50%, in premarket trading on Friday.

The Bottom Line
Shares of Fastenal (FAST) have a 2.00% dividend yield, based on last night’s closing stock price of $41.99. The stock has technical support in the $38-$40 price area. If the shares can firm up, we see overhead resistance around the $46 price level.

Fastenal Company (FAST) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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