Casey’s General: Potential Upside Amid Conservative Guidance and Market Miscalculations

Wells Fargo analyst Anthony Bonadio maintained a Buy rating on Casey’s General (CASY – Research Report) today and set a price target of $460.00.

Anthony Bonadio has given his Buy rating due to a combination of factors that suggest potential upside for Casey’s General. Despite a soft fourth quarter, largely attributed to external factors such as weather and calendar impacts, there is an expectation of a beat due to the mismodeling of acquired Fikes gallons. This miscalculation by the market presents a material upside in fuel contributions, which could positively impact the company’s financial performance.
Furthermore, Bonadio anticipates conservative guidance for fiscal 2026, which, while cautious, is supported by positive quarter-to-date momentum and potential self-help initiatives. The company’s strategic moves, such as the rollout of new products and acquired store ramp-ups, are expected to drive internal growth. Although the stock is not cheap and faces high short interest, the perception of conservatism, potential for a beat, and an attractive setup for fiscal 2026 are seen as factors that could lead the stock to perform well in the near term.

In another report released on May 20, Northcoast Research also maintained a Buy rating on the stock with a $495.00 price target.