Fastenal to benefit from short-cycle flight to quality, says Loop Capital

Loop Capital analyst Chris Dankert keeps a Hold rating and $76 price target on Fastenal (FAST) but notes that the firm has walked away from the company’s Analyst Day with a more optimistic view. The management highlighted numerous changes that are relentlessly focused on delivering accelerated sales and getting growth back toward the double-digit range, and the stock is well positioned to benefit from a short-cycle flight to quality and accelerating market share gains, the analyst tells investors in a research note.