Casey's General Stores (CASY) PT, Est. Lowered at Jefferies on Weak Prep Food Comps
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Jefferies analyst Christopher Mandeville lowered estimates and his price target on Casey's General Stores (NASDAQ: CASY) to $128.00 (from $134.00) after noting weak prep food comps. However, the firm maintained a Buy rating.
Mandeville commented, "CASY released an 8-K noting weak 2Q17 prep food comps vs. Street expectations. While N-T valuation will likely remain pressured, investors should take consolation in the fact that comps ex price/cal. shifts stabilized. L-T, we continue to like the name given already attractive valuation vs. a 10-12% EBITDA CAGR, BS optionality, and our view that prep food comps will improve further in 2H17. Reiterate Buy, but lower PT to $128 due to updated ests."
The firm cut Q4 EPS from $1.60 to $1.47, FY 16 EPS from $5.62 to $5.24 and FY 17 EPS from $6.40 to $6.10.
Shares of Casey's General Stores closed at $115.16 yesterday.
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