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Fly News Breaks for July 13, 2017
MSM, FAST
Jul 13, 2017 | 07:49 EDT
As previously reported, Raymond James upgraded Fastenal (FAST) to Strong Buy from Outperform with a $50 price target. Analyst Sam Darkatsh thinks yesterday's selloff in Fastenal shares is entirely related to MSC Industrial's (MSM) gross margin commentary and is unwarranted. The analyst said Fastenal is showing signs that its business model, sales growth, margin profile, and returns on capital are highly defensible combined with a favorable pricing backdrop. Darkatsh expects topline growth to accelerate and views valuation as compelling.
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