Wednesday, April 14, 2010

Fastenal (Nasdaq:FAST) Retains 'Market Perform' from Wells Fargo (NYSE:WFC)

Fastenal Maintains 'Market Perform' Rating

Wells Fargo (NYSE:WFC) said it is maintaining a 'Market Perform' on Fastenal (Nasdaq:FAST), a seller of construction and industrial supplies.

An analyst from Wells Fargo said, "We continue to view the distributor's strategic direction, including slower store growth and increased investment in sales personnel, favorably. Volumes are showing signs of improvement and management's execution remains strong. However, trading at nearly 27x our 2011 EPS estimate, we believe that the shares reflect this favorable view."

Wells increased their valuation for Fastenal from $42-44 to $50-52.

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