Casey’s General Stores initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Casey’s General Stores with an Outperform rating and $345 price target. Casey’s is well positioned to leverage its scale advantage and consolidate a “large and fragmented” convenient store market, the analyst tells investors in a research note. The firm says its above-consensus estimates reflect stronger store growth, share gain, and pricing power. Its work suggests Casey’s bear concerns around fuel penny profit, electric vehicle impact, tobacco and obesity drugs are manageable.