Jefferies Remains Sidelined on Casey's General Stores (CASY) Following 1Q Report
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Jefferies reiterated a Hold rating and $137.00 price target on Casey's General Stores (NASDAQ: CASY) following the company's 1Q earnings report. EBITDA came in soft at $157M compared to the consensus of $167M. EPS also missed estimates due to a weak top line and gross margins. In grocery, comps were soft as well with management calling out a deceleration in cigarette sales.
Analyst Christopher Mandeville commented, "CASY reported a 1Q17 EBITDA/EPS miss due to a weak top line and disappointing gross margins. Notably and as we had expected, prep foods comps missed the Street; however, the size of the shortfall even surprised us. Since we view prep food comps as the key sentiment driver to the name, we anticipate shares will be down sizably tomorrow until mgmt. has a chance to respond to the weakness on its earnings call. Shares are already down ~7% in after hours."
Shares of Casey's General Stores closed at $133.31 yesterday.
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