CASY - Casey's General Stores downgraded at BMO as near price target
2023-12-08 12:34:43 ET
- BMO Capital Markets has downgraded Casey's General Stores ( NASDAQ: CASY ) to market perform from outperform as the stock is trading near the firm's price target.
- BMO has a $290 price target (~6% upside based on Thursday's close).
- Analyst Kelly Bania noted that "near-term we find it difficult to push our valuation higher and are hesitant to push fuel margin expectations above and beyond our revised [figure] despite extraordinary strength in fuel margins in recent months, which may have been driven by near-term supply/demand dynamics as opposed to more sustainable structural factors that have supported the expansion of the past few years."
- Bania added that BMO is raising its projected fiscal 2024 Q2 and fiscal 2025 EPS as a result of the higher fuel margins.
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Casey's General Stores downgraded at BMO as near price target