Evercore ISI Reiterates Buy Rating on Casey's General Stores
Evercore ISI Group reaffirms its buy rating for Casey's General Stores, setting a $975 price target, a 24.84% upside from the current price.
Key Points
- Evercore ISI Group reiterated its buy rating for Casey's General Stores, setting a price target of $975 as of June 23, 2026.
- Evercore ISI Group's $975 price target implies 24.84% upside from Casey's General Stores, Inc.'s ($CASY) current $781.01 share price.
- Casey's shares traded around $837.36 on Tuesday, with a market cap of $30.8 billion and a P/E ratio of 43.3.
- BlackRock increased its holdings in Casey's by 740,419 shares, while Vanguard Portfolio and Vanguard Capital opened new positions.
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Evercore ISI Group reiterated its buy rating on Casey's General Stores, Inc. (NASDAQ:CASY) on June 23, 2026. The firm set a price target of $975, signaling confidence in the company's future performance.
Evercore ISI Group vs. the S&P 500
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Other Institutional Activity in Casey's General Stores
In recent institutional activity, BlackRock, Inc. grew its holdings by 740,419 shares, ending with 4,238,547 shares worth about $3.09 billion, marking a 21.2% increase. Vanguard Portfolio Management LLC and Vanguard Capital Management LLC both opened new positions, holding 1,857,617 and 1,663,162 shares valued at approximately $1.35 billion and $1.21 billion, respectively. State Street Corp increased its stake by 139,696 shares, a growth of 11.3%, bringing its total to 1,378,641 shares worth $1.00 billion. Conversely, Franklin Resources Inc reduced its position by 117,771 shares, a decrease of 11.0%, ending with 950,911 shares valued at $692.13 million. Morgan Stanley also cut its holdings by 291,138 shares, a 23.7% drop, now holding 935,994 shares worth $681.27 million.
Casey's General Stores, Inc. Stock Up 3.4%
Shares of Casey's General Stores traded near $837.36 on Tuesday. The company boasts a market cap of $30.8 billion and a P/E ratio of 43.3, with a forward P/E of 35.6. Its beta is relatively low at 0.624, indicating less volatility compared to the market. The stock's 52-week range spans from $490.00 to $927.85, with a 50-day moving average of $812.42 and a 200-day moving average of $650.73. Casey's maintains a current ratio of 1.01 and a quick ratio of 0.575, with a debt-to-equity ratio of 73.155.
$CASY price target
Past daily closes and this analyst's 12-month price target. Not investment advice.
Recent Earnings
Casey's reported revenue of $17.56 billion, reflecting a growth rate of 14.5%. The company's net margin stands at 4.07%, with a return on equity of 19.15%. Earnings per share were $19.20. Investors are looking ahead to the next earnings release on September 9, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
8 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 30.0%. Revenue beat estimates by 4.2%.
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Profit surprise
EBITDA missed by 24 percent. Operating income missed by 37 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
8 target raises.
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Earnings quality
Gross margin up 2.8 points. Operating margin down 1.3 points. Positive free cash flow.
Earnings Call Summary
Casey's delivered a strong second quarter with revenue of $4.57 billion, up 14 percent year over year, driven by inside sales growth and fuel gallons. The company gained market share in fuel despite a regional decline of 2 percent, benefiting from strong prepared food sales, particularly whole pies and breakfast items. Inside margins improved 20 basis points to 42.4 percent, with prepared food margins of 58.6 percent. Management credited consistent execution, a strong guest value proposition, and improved cost management including lower cheese costs. Traffic increased 1.5 percent, and the company is on track with Cefco integration, planning store conversions to start in the new calendar year.
Guidance Casey's raised its full-year EBITDA growth outlook to 15 to 17 percent, up from prior expectations. Inside same-store sales are now guided to grow 3 to 4 percent, with inside margins expected to be 41 to 42 percent. The company also expects the tax rate to be 24 to 25 percent.
Slightly positive report. The quarter was acceptable, but the forward setup is not strong.
Dividend
Casey's General Stores pays an annual dividend rate of $2.36, yielding 0.28% with a payout ratio of 11.9%.
Insider Buying and Selling at Casey's General Stores, Inc.
On June 15, 2026, Chief Legal Officer Lindsey Katrina bought 7,096 shares. Meanwhile, Chief Merchandising Officer Brennan Thomas Jr sold 1,026 shares, and Chief HR Officer Chad Michael Frazell sold 887 shares. Chief Financial Officer Stephen Jr Bramlage and Chief Operating Officer Ena Koschel Williams sold 7,278 and 7,237 shares, respectively, at an average price of $872.39. Ena Koschel Williams also purchased 1,741 shares on the same day.
Analysts Set New Price Targets
On June 23, 2026, Evercore ISI Group maintained its buy rating on Casey's with a $975 price target. The consensus among analysts is a buy, with a mean target price of $945 based on 16 opinions.
About Casey's General Stores
Casey's General Stores, Inc. operates a chain of convenience stores across the United States under the Casey's and Casey's General Store names. Founded in 1959 and headquartered in Ankeny, Iowa, the company offers a variety of food and beverage products, motor fuel, and other services. Under the leadership of CEO Darren M. Rebelez, Casey's also runs distribution centers to support its operations.
Bottom Line
Analysts and institutional investors are closely watching Casey's General Stores as the company continues to expand its footprint. While Evercore ISI's reiterated buy rating and $975 price target reflect optimism, it's important to remember that analyst ratings are based on past performance and market conditions, not future guarantees.
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