Bank Of America Raises EPS On Casey's General Stores

According to Bank of America, Casey's General Stores (NASDAQ: CASYV) F2012 outlook is supported by a strong top-line growth following strong F4Q11 results.

Bank of America said that F11 investments in growth (i.e., 89 acquisitions & ~120 major remodels), plus an outlook for at least +4-6% store growth (vs. our prior 3-5% forecast) support a solid revenue growth outlook. “Given more a more optimistic outlook for F12, we are raising our F2012E EPS to $3.15 (from $3.00) and F13 moves to $3.50 (from $3.35). Our PO moves to $47 (from $43) and is based on 13-14x our F13E EPS.”

Casey's General Stores closed yesterday at $43.79.