Analyst Screws Down Fastenal Stock On Valuation

Fastenal (

) retreated Tuesday after William Blair downgraded the nuts, bolts and tool seller to market perform from outperform, citing valuation concerns and recent insider selling. Shares, which have been climbing for months and are trading near all-time highs, closed down 2.3% Tuesday at 53.37. "Although Fastenal should continue to generate strong earnings growth, we believe high expectations are already baked into the stock," analyst Ryan