Fastenal Co. (FAST) is a leading distributor of industrial and construction supplies and fasteners. Its manufacturing business has been improving sequentially every month since May 2009 amid the economic downturn. The company has a strong cash flow, which supports an incremental dividend policy and share repurchase program. Fastenal outperformed the Zacks Consensus Estimate in the first quarter of 2010. These factors have led us to upgrade the recommendation from Neutral to Outperform and set a target price of $67.
updated May 03, 2010
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