Wells Fargo Cuts Casey’s General Stores (NASDAQ: CASY) Price Target After Q1 Same-Store Sales Miss

• Wells Fargo lowered its price target for Casey’s General Stores (NASDAQ: CASY) to $750 from $960 while maintaining an Overweight rating.
• Casey’s General Stores (NASDAQ: CASY) shares fell nearly 15% after fiscal first-quarter inside same-store sales growth of 3.2% missed analyst expectations.
• Despite the weaker sales metrics, the company reported revenue of $5.68 billion and EPS of $7.37, both exceeding estimates, and reaffirmed its full-year guidance.

On September 9, 2026, Wells Fargo lowered its price target for Casey’s General Stores (NASDAQ: CASY) to $750 from $960 while maintaining an Overweight rating.  At a reference price of $624.00, the revised target still represented approximately 20.19% potential upside. However, the substantial reduction from the previous target reflects a more cautious valuation outlook following the company’s fiscal first-quarter 2027 report.

Casey’s General Stores (NASDAQ: CASY) is the third-largest convenience-store operator in the United States, with more than 2,900 locations. Its stores sell fuel, groceries, prepared food, beverages, and other convenience products.

The company reported fiscal first-quarter revenue of $5.68 billion, up 24% from the previous year and above the approximately $5.56 billion expected by analysts. Net income rose to $273.7 million, while EPS increased 27.7% to $7.37 from $5.77 a year earlier. Analysts had expected EPS of approximately $6.78.

Despite these strong headline results, inside same-store sales grew only 3.2%, below analyst estimates ranging from approximately 3.8% to 4.1%. Growth also slowed from 4.3% in the same quarter last year and 5.5% in the preceding quarter.

Same-store fuel gallons sold declined 0.3%. This should not be described as a decline in total fuel sales, as the metric specifically measures gallons sold at comparable locations. Nevertheless, fuel gross profit increased nearly 20% as the average fuel margin rose to 47.8 cents per gallon from 41 cents a year earlier.

Following the report, Casey’s General Stores (NASDAQ: CASY) shares fell nearly 15%, with the decline reaching approximately 16% at one point during the session. Investors focused on the same-store sales miss, rising operating expenses, the stock’s elevated valuation, and management’s decision to maintain rather than increase its annual guidance.

For fiscal 2027, Casey’s continues to expect EBITDA growth of 8%–10%, inside same-store sales growth of 2%–5%, and same-store fuel gallons ranging from a 1% decline to a 1% increase. The company’s reaffirmed outlook indicates that management’s full-year expectations remain unchanged despite the first-quarter sales slowdown.