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Fly News Breaks for April 12, 2018
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Apr 12, 2018 | 08:36 EDT
BMO Capital analyst R. Scott Graham kept his Market Perform rating and $57 price target on Fastenal but lowered his FY18 EPS view to $2.51 from $2.54 in the wake of the company's Q1 earnings. Graham points to issues with the company's sales mix, freight, and lack of operating leverage weighing on markets. The analyst also notes that the price-cost dynamics in the quarter were negative. While he expects pricing conditions to improve, Graham also anticipates "pedestrian" earnings growth to continue.
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