Piper Jaffray Maintains Neutral Rating On Fastenal

According to Piper Jaffray, Fastenal Company FAST reported July average daily sales growth of 22.4%, impressive in the face of the 24.4% comp it was up against, and ahead of the 19% estimate. Piper Jaffray said that the third quarter represents the toughest comp period of CY11, and with the growing noise of economic headwinds, we are maintaining the guarded outlook for the quarter, with the 19% growth in August and 18% in September. “Fastenal continues to see good growth across the age spectrum of their stores, while investing in manpower to increase the penetration among both new and existing customers. Maintain Neutral and $36 PT.” Fastenal Company closed yesterday at $32.56.