Fastenal rises as Jefferies upgrades to 'buy', eyes growth

Shares of industrial supplies distributor Fastenal FAST.O rise 1.4% to $42.6 in premarket trading

Jefferies upgrades stock to "buy" from "hold", citing confidence in double-digit revenue growth through 2026, driven by market share gains, better pricing and potential upside from end-market recovery

Brokerage says co has a strong record of outperforming the market with manufacturing sales well ahead of industrial production and expects continued share gains from large accounts and recent vending installations

Jefferies raises PT to $52 from $45, representing 21.25% upside to stock's last close of $42.01

Co's vending devices offer unique real-time usage data across industries, unmatched by peers, and this data could become its most valuable asset supporting premium valuation, adds Jefferies

Five of 18 brokerages rate the stock "buy" or higher, eight "hold" and five "sell" or lower; their median PT is $45 - data compiled by LSEG

Up to previous close, stock up 16.8% YTD