UPDATE: Goldman Sachs Downgrades Casey's General Stores (CASY) to Neutral Citing Full Valuation
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Goldman Sachs analyst Bonnie Herzog downgraded Casey's General Stores (NASDAQ: CASY) from Buy to Neutral with a price target of $215.00 (from $240.00).
The analyst comments "We lower our target multiples slightly to reflect increased near-term cost pressures specifically around OpEx led primarily by new unit additions. Risks include: COVID-19 resurgence causes longer than anticipated restrictions on self-service, loss of commuter travel/traffic thereby adversely impacting CASY’s overall margins and ability to deliver on its mid-term growth strategy; New in-store growth initiatives (e.g., increased private label mix, digital engagement, self-serve kiosks, contactless delivery, curb-side pickup) do not gain momentum; Economic conditions impacting the Midwest farming economy deteriorate leading to prolonged pressure on jobs and discretionary spending among CASY’s core customers."
Shares of Casey's General Stores closed at $201.89 yesterday.
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