Fastenal "neutral," target price reduced

12/06/06 - Robert W. Baird

NEW YORK, December 6 (newratings.com) - Analysts at Robert W Baird maintain their "neutral" rating on Fastenal Company (FAST), while reducing their estimates for the company. The target price has been reduced from $46 to $43.

In a research note published this morning, the analysts mention that the company has reported its November daily sales growth short of the estimates. The sales growth estimate for 2007 has been reduced from 20.2% to 16.9%. The EPS estimates for 2006 and 2007 have been reduced from $1.33 to $1.32 and from $1.62 to $1.52, respectively, mainly to reflect lower CSP2 growth assumptions.