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 ReadFastenal 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.
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