Casey’s General Stores price target raised to $435 from $410 at Evercore ISI

Evercore ISI raised the firm’s price target on Casey’s General Stores to $435 from $410 and keeps an Outperform rating on the shares following the agreement to acquire Fikes Wholesale, owner of CEFCO Convenience Stores, in an all-cash transaction for $1.15B, which the firm says “appears to make strong strategic and financial sense.” The deal is poised to accelerate EBITDA growth while also giving Casey’s more exposure to faster growth Texas and Florida markets, notes the firm, which is raising its F24 and FY25 EBITDA estimates by 4% and 8%, respectively.