BMO Capital analyst Kelly Bania raised the firm’s price target on Casey’s General Stores to $305 from $290 and keeps a Market Perform rating on the shares after its Q3 earnings beat. The company continued to demonstrate that Casey’s General Stores remains well-positioned for long-term growth, with significant gallon market share gains and widening competitive advantages to independents supported by prepared food strength, the analyst tells investors in a research note. BMO adds however that it remains concerned that investors may be expecting stronger fuel margins, closer to high-30s cents-per-gallon, compared to management’s conservative mid-30s plan, which may leave fuel margins little room for error.
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