Casey's General Stores Heads Into Fiscal 2025 With Solid Momentum, RBC Says

MT Newswires Live06-13

Casey's General Stores (CASY) is heading into fiscal 2025 with solid momentum following a strong end to fiscal 2024, RBC said in a note to clients Tuesday.

RBC raised its earnings per share forecasts for Casey's by 7% and 4% for fiscal years 2025 and 2026, respectively, to reflect a higher base of earnings in fiscal 2024 and solid inside-store momentum, according to the note.

The firm added it also raised its inside-store sales growth forecast for fiscal 2025 by about 100 basis points to 3.8%, close to the midpoint of the target range of 3% to 5%, and fuel margin estimate by about 1 cent per gallon to reflect fiscal Q4 momentum.

Casey's reported fiscal Q4 earnings late Tuesday of $2.34 per share, topping estimates, while its guidance for fiscal 2025 on key performance indicators was "largely consistent" with a three-year plan disclosed at an investor event in June 2023, RBC said in the note.

The firm said fuel accounted for about 68% of the company's outperformance in the latest quarter, "reflecting stronger than expected" gallons and cents per gallon.

RBC lifted the company's price target to $361 from $322 and maintained its sector perform rating.

Shares of Casey's General Stores rose more than 17% in recent Wednesday trading.

Price: 383.53, Change: +57.00, Percent Change: +17.45

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