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Baird Downgrades Industrial Distribution Trio To Neutral Rating

Baird analyst David Manthey downgraded Fastenal Co (NASDAQ:FAST) to Neutral from Outperform, with a price target of $48 (an upside of 1%).…
byAkanksha Bakshi
July 14, 2022
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  • Baird analyst David Manthey downgraded Fastenal Co (NASDAQ:FAST) to Neutral from Outperform, with a price target of $48 (an upside of 1%).
  • The analyst downgraded Pool Corp (NASDAQ:POOL) to Neutral from Outperform, with a price target of $398 (an upside of 8.5%).
  • The analyst downgraded SiteOne Landscape Supply Inc (NYSE: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.
  • 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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