BUZZ - Fastenal shares rise after Jefferies raises target price

October 12 - ** Industrial supplies distributor Fastenal (FAST.O) shares rose 2%, closing at $51.73

** Jefferies raised its target price for FAST from $52 to $60, leaving an 18% upside from the last closing price; maintained "Buy" rating

** The institution said investors favor distributors focused on industrial customers, while enterprises focusing on the residential market have seen declines in value

** Ongoing growth in the industrial sector is expected to drive up Fastenal's valuation

** Highlighted that manufacturing demand is expanding, Fastenal's nearly all end markets achieved double-digit growth, and as regional competitors struggle to match its supply chain coverage, the company's market share continues to increase

** Out of 21 brokerages, 6 rate the stock as “Buy” or above, 10 rate it “Hold,” and 5 rate it “Sell” or below; the median target price is $48—data compiled by LSEG

** Including the day's price movement, the stock has gained 28.7% year-to-date

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