BUZZ-Stephens raises PT on Casey's General Stores
Stephens raises price target on Casey’s General Stores to $600 from $570, maintaining an “overweight” rating. The new price target represents a 5.9% upside. Stephens expects Q2 same-store sales of prepared foods & deli/bakery to grow 5.5% and in-store margins to expand slightly. Cheese costs could be a tailwind with spot prices down 14% y/y. Operating expenses are expected to rise 15% y/y this quarter. Nine of 14 brokerages rate the stock “buy” or higher, with a median PT of $592.5. Shares are up 43.1% YTD.
Stephens raises price target on convenience store chain operator Casey’s General Stores (CASY.O) to $600 from $570, maintains “overweight” rating
New PT a 5.9% upside to the stock’s last close
Stephens expects Q2 same-store sales of prepared foods & deli/bakery to grow 5.5% and in-store margins to show slight expansion y/y, driven by energy drinks and candies
“Cheese costs could serve as a tailwind this quarter, with spot prices down 14% y/y during the period” - brokerage
Sees CASY’s operating expenses to rise 15% y/y the quarter, then slow to mid-single-digit growth as Fikes acquisition impact fades
Nine of 14 brokerages rate the stock “buy” or higher and five “hold”; their median PT is $592.5 - according to data compiled by LSEG
As of last close, shares up 43.1% YTD
