Stock market

Fastenal Falls On Morgan Stanley Downgrade  

Stock Markets14 minutes ago (Jun 15, 2021 09:39AM ET)Fastenal Falls On Morgan Stanley Downgrade  © Reuters.

By Dhirendra Tripathi

Investing.com – Fastenal (NASDAQ:FAST) shares fell more than 3% Tuesday after Morgan Stanley ‘s (NYSE:MS) downgrade to underweight with a $48 target.

The latest target is still a 6% below the stock’s current level of $51.

The brokerage noted that the stock is already near its all-time high of $54.32 and there’s been a lull in customer acquisition lately, indicators of the upside being limited.

Net sales at the wholesale distributor of industrial and construction supplies fell 3.2% in May and rose a mere 1.2% in April.

The company is altering its sales strategy, and analyst Joshua Pokrzywinski believes investors should sit out that transition.Fastenal Falls On Morgan Stanley Downgrade  Add a Comment

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