Fastenal Co (NASDAQ:FAST) stock is up 0.7% at $46.80 this morning, following fresh coverage initiation from Rothschild & Co Redburn with a "buy" rating and $55 price target. The brokerage cited the company's successful structural transition to increase its business model and customer base as the catalyst behind the move.
Analysts were leaning heavily bearish ahead of today, with 11 of the 16 in coverage sporting a "hold" or "strong sell" rating. This leaves plenty of room for more bull notes, should this bearish attention begin to unwind in the coming weeks.
FAST pulled back last week after a rejection from overhead pressure at the $48 level, but snapped a four-day losing streak on Friday. The machinery name is looking to add to its 15% year-to-date gain, with fresh support emerging at the 30-day moving average and $46 floor.
Options are looking affordably priced as well. Specifically, Fastenal stock's Schaeffer’s Volatility Index (SVI) of 49% stands in the 15th percentile of its annual range.
