BMO Capital resumed coverage of Casey’s General Stores (CASY) with a Market Perform rating with a price target of $450, up from $400. The company has executed exceptionally well on several fronts in recent years, driving same-store sales outperformance relative to convenience-store peers and helped by the company’s strong Prepared Food offering and focus on new item innovation, though this outperformance is reflected in valuation, particularly with fuel margins displaying a pattern of normalization, the analyst tells investors in a research note.
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