Fastenal Co. (FAST) is one of the leading distributors of industrial and construction supplies and fasteners. It has a diversified customer base that helps it retain its market position even during the toughest times. Moreover, the hub and spoke model employed to improve the level of customer services will also increase customer satisfaction and benefit its business going forward.
In addition, Fastenal is focused on expanding its product portfolio. Furthermore, the company's collaborative efforts to work with state governments will strengthen its position in the local market.
Earnings in the most recent quarter marginally exceeded the Zacks Consensus Estimate by $0.01 per share. Given these conditions, we upgraded our recommendation on shares of Fastenal to Outperform from Neutral and set a target price of $41.
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