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Fly News Breaks for October 11, 2017
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Oct 11, 2017 | 14:06 EDT
Stephens analyst Matt Duncan said Fastenal's "strong" sales growth and expense leverage in Q3 appears to have been "overshadowed" by its 20 basis point decline in gross margin compared to last year. However, the gross margin miss is due to "a number of small factors that don't appear to include price," he tells investors. Duncan reiterates his Overweight rating and $54 price target on Fastenal shares, but added that "it could take time for the stock to find traction."
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