Casey's General Stores hits record high on Q4 revenue beat, PT raise
12/06/2024 15:06
(Updates)
** Shares of convenience store chain Casey's General Stores
CASY.O rise as much as 17.3% to $382.97, hitting record high
** Stock on course for best day since April 2010, if
current gains hold
** Co on Tuesday topped Q4 revenue estimates, benefiting
from strong demand for pizza and bakery items as well as
alcoholic and non-alcoholic beverages
** CASY also sees FY 2025 inside same-store sales increasing
3% to 5% vs 4.4% reported in FY 2024
** Co says in June it increased quarterly dividend by 16% to
50 cents per share
** RBC Capital raises PT to $361 from $322 after results;
new PT represents a 10.5% upside to stock's last close
** BMO Capital Markets says Casey's strong results likely
better than feared as company's trends appear to be running
contrary to softer industry data
** As of last close, stock had risen about 19% YTD
(Reporting by Granth Vanaik in Bengaluru)
((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))