Technology
Fastenal PT Lowered to $67 at Baird
(Updated — May 29, 2024 6:39 AM EDT)
Baird analysts lowered the price target on Fastenal (NASDAQ:FAST) to $67.00 (from $69.00) while maintaining a Neutral rating.
The analysts commented: «Adjusting monthly ADS to reflect normal (instead of improving) m/m trends through 2024 and slight cyclical recovery is pushed to 2025. We still anticipate 2H>1H but now 2-year stack growth rates are roughly the same for 1H and 2H. New $67 price target is 20x EV/2025E EBITDA and 30x PE on 2025E EPS.»
