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Investing.com - Baird has upgraded Fastenal (NASDAQ:FAST) from Neutral to Outperform and raised its price target to $55.00 from $47.00, citing expectations of accelerating outgrowth. The stock has shown impressive momentum, gaining nearly 28% over the past six months and currently trades near its 52-week high of $48.10. According to InvestingPro data, nine analysts have recently revised their earnings expectations upward for the upcoming period.
The research firm expressed growing confidence in Fastenal’s recent strategic changes and noted a favorable cyclical setup that positions the company for stronger performance.
Baird believes Wall Street currently underestimates Fastenal’s earnings potential, with the firm’s estimates now sitting above consensus forecasts.
The upgrade comes with expectations of "a steady diet of upward revisions" to earnings estimates over the next 12-18 months as the company’s growth strategy takes hold.
Despite acknowledging Fastenal’s premium valuation, Baird projects the industrial distributor’s stock will outperform the broader market from current levels.
In other recent news, Fastenal reported its second-quarter 2025 earnings, revealing an earnings per share (EPS) of $0.29, which exceeded the consensus forecast of $0.28. The company also reported revenue of $2.08 billion, slightly surpassing expectations. BofA Securities responded to these results by raising its price target for Fastenal to $49.00 from $42.50, maintaining a Buy rating. JPMorgan also increased its price target to $41.00 from $38.00, noting the company’s strong margins and projecting higher pricing in the fourth quarter due to increased tariffs on fasteners. Meanwhile, UBS maintained a Neutral rating with a $41.00 price target, citing strong sales growth, with daily sales growth accelerating to 9.8% year over year. Fastenal’s overall quarterly sales growth was reported at 8.6% compared to the previous year. These developments highlight the company’s robust operational performance and analysts’ varied outlooks.
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