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Fly News Breaks for April 18, 2017
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Apr 18, 2017 | 07:35 EDT
Argus analyst John Eade upgraded Fastenal to Buy from Hold with a $54 price target saying the 10% share correction following Q1 results provides a buying opportunity. Eade raised earnings estimates for 2017 and 2018 based on signs of improvement in the energy sector and recent solid Purchasing Managers' reports. Over the long term, he expects the company to generate mid-single-digit sales growth and high single digit earnings growth, and notes management is focused on growing the dividend.
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