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Fly News Breaks for December 11, 2019
Dec 11, 2019 | 07:17 EDT
BMO Capital analyst Kelly Bania lowered her price target on Casey's General Stores to $165 and kept her Market Perform rating after its "mixed" Q2 results. The analyst notes that while the company's in-store traffic improved to "approximately flat" and its Grocery/merchandise delivered favorable gross margins, she struggles to see what can accelerate its Prepared Food & Fountain category and also believes that the management "clearly overestimated the benefit to comp gallons from the fleet card." Bania also warns that the slowdown in e-cig sales will catch up with Casey's, cutting her FY20 and FY21 EPS views by 16c and 20c to $6.25 and $6.60 respectively.
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