Baird Downgrades Industrial Distribution Trio To Neutral Rating

Baird analyst David Manthey downgraded Fastenal Co FAST to Neutral from Outperform, with a price target of $48 (an upside of 1%).
The analyst downgraded Pool Corp POOL to Neutral from Outperform, with a price target of $398 (an upside of 8.5%).
The analyst downgraded SiteOne Landscape Supply Inc SITE to Neutral from Outperform, with a price target of $129 (an upside of 8%).
The analyst lowered his estimates on the group to reflect deflation and the garden-variety 2023 recession.
Also Read: Fastenal Shares Slide After Q2 Results, Clocks 18% Sales Growth
Manthey calls the trio the "highest-valuation stocks" in his industrial distribution coverage.
Meanwhile, the analyst still is broadly positive on the group, with ten out of 14 stocks still rated Outperform.
Price Action: FAST shares trading higher by 1.37% at $47.41, SITE lower by 0.82% at $119.40, and POOL lower by 0.32% at $366.74 on the last check Thursday.