Fastenal Co. (NASDAQ:FAST) is one of the 10 best industrial distribution stocks to invest in according to hedge funds.
Recent analyst ratings appear to inspire a lot of confidence in the company’s prospects for the foreseeable future
On June 4, Jefferies maintained its Buy rating and a $52 target price on Fastenal Co. (NASDAQ:FAST). As per the firm’s estimates, the stock yields double-digit upside above 11% at the prevailing level. Suwin/ Jefferies emphasized that the market expects net sales to rise by 11.7% in the second quarter.
Based on the numbers gathered from April and May, the company needs to achieve about 6% daily sales growth in June to meet those expectations. Additionally, the firm has noted that short-cycle green shoots are consistently widening across the industry. On June 3, Guy Hardwick from Barclays updated his estimates for Fastenal Co. (NASDAQ:FAST) ahead of the company’s May sales release.