In a research report published this morning by Wunderlich Securities, Fastenal Company FAST has released its second quarter earnings preview.
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. Further, June daily sales (Wunderlich: 15.1%) may provide perceptions of stabilization/improvement given fewer selling days yearto-year and easier sequential comps. 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 maintains its Buy rating and $48 PT on Fastenal, which closed yesterday at $41.29.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in