Update: Piper Jaffray Raising Price Target On Fastenal Company (FAST)

Piper Jaffray is raising its price target on shares of Fastenal Company FAST to $63 from $62, and is keeping its Neutral rating on shares.

In a note to investors, Piper Jaffray writes, "Fastenal reported February average daily sales growth of 21.5% compared to our
18% estimate. Poor weather conditions appeared to lower net sales by $2.5M - $3M a factor that was more than offset in y/y comparisons by similar weather conditions last year. We are impressed with non-res sales which reached 19% y/y growth, but
continue to expect some moderation in y/y daily sales growth in the spring months as comps stiffen. We remain on the sidelines as shares appear fully valued in our view. We are revising our estimates upward slightly resulting in our new $63 PT."

Shares of FAST gained $1.76 yesterday to close at $62.35, a gain of 2.9%.