Jefferies lowers PT for Fastenal, sees hopes for recovery being pushed beyond 2H24
** Jefferies lowers PT for Fastenal FAST.O to $65 from $74
** We trim our 2Q and 2024 EPS estimates slightly to reflect the sluggish end-market trends- Jefferies
** "With many shorter-cycle indicators continuing to be sluggish, it appears the hoped for recovery in 2H 2024 across the industrial space is being pushed out," it added
** Jefferies sees declines in sales of the company's core fastener business for the month of May to be down 4.1% vs. down 2.2% in April
** Says safety and other product lines remain positive, with both improving compared with results the last month
** Two of 15 brokerages rate the stock "strong buy", 10 "hold" and 3 "sell" or lower; their median PT is $64.5
Reporting by Abhinav Parmar in Bengaluru
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