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Fly News Breaks for October 12, 2016
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Oct 12, 2016 | 08:28 EDT
BMO Capital analyst R. Scott Graham noted that Fastenal reported Q3 EPS that were "a bit worse" than expected, but he believes the stock's 5% post-earnings decline was not supported by the report. General industrial capex is still sluggish and the resulting negative mix should continue to weigh on margins until demand improves, said Graham, who trimmed his forecasts and price target on Fastenal to $45 from $47 and keeps a Market Perform rating on the shares.
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