Wells Fargo assumed coverage of Casey’s General Stores (CASY) with an Overweight rating with a price target of $610, up from $580. The firm notes the company is the premier Cstore player and has earned its high multiple. It has a powerful combination of offense and defense, paced by an innovative food offering that drives traffic, a seasoned M&A playbook, and less tobacco/fuel exposure, Wells argues. In a challenging c-store backdrop, the firm feels confident in Casey’s ability to deliver upside against its 8%-10% EBITDA growth targets in next few years
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