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Fly News Breaks for October 12, 2018
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Oct 12, 2018 | 07:07 EDT
BMO Capital analyst R. Scott Graham kept his Market Perform rating and $56 price target on Fastenal after its "slight" earnings beat in Q3. The analyst notes the company's weaker than expected gross margins however, adding that while he first believed the pressure came from insufficient pricing adjustments, the management discussions indicated that "price-cost" was neutral. Graham concludes that gross margin is likely to keep declining as sales mix pressures have intensified, while the company has also had to implement "tariff related countermeasures".
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