JPMorgan Downgrades Casey's General Stores (CASY) to Underweight on Relative Valuation
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JPMorgan analyst John Royall downgraded Casey's General Stores (NASDAQ: CASY) from Neutral to Underweight with a price target of $171.00 (from $168.00).
The analyst comments "CASY has made solid progress on price optimization efforts recently rolled out, which, when combined with initiatives on fuel procurement, digital engagement, its new loyalty program, and an aggressive store growth plan, provide a platform for organic growth. That said, in the current COVID-affected environment, while CASY enjoys higher fuel margins more than offsetting fuel volume headwinds, its outsized exposure to self-serve foods presents a headwind relative to competitors. With 4% downside to our price target, screens as the most expensive company in its peer group on our numbers, and we therefore downgrade to Underweight based on relative valuation."
Shares of Casey's General Stores closed at $179.00 yesterday.
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