Morgan Stanley Downgrades Industrial Stock Fastenal, Citing Valuation At An All-Time High

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Investors should stay away from industrial supplier Fastenal while the company does an internal makeover, according to Morgan Stanley.

The company is altering its sales strategy, according to the investment firm, and its May sales results were down year over year. Its stock has gained 8% since the start of 2021.

Analyst Joshua Pokrzywinski downgraded the stock to underweight from equal weight, saying in a note to clients that the stock had limited upside due to a high valuation and execution risk as it continues the transition.

 

– CNBC

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