BofA initiated coverage of Casey’s General Stores (CASY) with a Buy rating and $700 price target The firm’s target multiple is set at a premium to convenience store peers as BofA argues that it is “worth paying for” given Casey’s focus on higher margin foodservice and consistent EBITDA growth. Casey’s is one of three c-store peers to achieve 8%-plus EBITDA over the one, five and ten-year periods, the analyst noted.
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