Wunderlich Securities: Fastenal's Earnings Preview
Wunderlich Securities previewed Fastenal Company's (NASDAQ: FAST) second quarter earnings release in a research report published today. Fastenal is slated to announce its earnings on July 12.
According to Wunderlich Securities, "Lower operating expense is the primary driver of our projected penny upside, as we believe reduced variable compensation growth and decelerating headcount supports a lower payroll gain than Street assumptions."
Later in the report, Wunderlich Securities noted, "While valuation is expensive versus peers, current levels are in-line with Fastenal's multiple history; recent macro weakness has been incorporated into Fastenal projections, yet may not be reflected in assumptions for other distributors."
Wunderlich Securities maintained its Buy rating and $48 PT on Fastenal, which closed yesterday at $41.29.
Latest Ratings for FAST
|Oct 2014||Credit Suisse||Maintains||Neutral|
|Jul 2014||Edward Jones||Upgrades||Hold||Buy|
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