Goldman Sachs raised the firm’s price target on Casey’s General Stores (CASY) to $490 from $450 and keeps a Neutral rating on the shares after its Q1 earnings beat. The company reported a strong start to the year, with Q1 EPS results that were well ahead of both the firm’s and consensus estimates, reflecting share gains in fuel, strong fuel margins and broad based strength inside the store, the analyst tells investors in a research note. Casey’ strong performance in fuel also highlights the company’s aptitude at balancing fuel volume & margin, suggesting robust fuel margins should be sustainable so long as breakeven costs remain elevated for the industry’s smaller marginal players, the firm added.
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