KeyBanc analyst Steve Barger downgraded Fastenal to Sector Weight from Overweight. The analyst continues to view the company as a "best-in-class" distributor with a "sizable first-mover advantage" in OnSite and Vending, but he finds the stock's risk/reward as more balanced near his prior price target of $62. At current levels, Fastenal is trading in line with its historical enterprise value to /EBITDA multiple as well as its historical premium to peers, Barger tells investors in a research note. Further, the analyst would not move his price target higher given the company's "tough comps against moderating cycle growth" and his view that distributor multiples are unlikely to return to historical levels.