UPDATE: Benchmark Initiates Casey's General Stores at Buy on 'Small Town Opportunity'

In a report published on Tuesday, Benchmark analyst Ronald Bookbinder initiated coverage on Casey's General Stores CASY with a Buy rating and a $73 price target.

In the report, Benchmark commented that, "Casey's operates in a very competitive market, but believes that its distinguishing characteristic is that it can operate profitably at highway locations within towns with populations less than 400. Casey's seeks to meet the needs of smaller towns because these areas are often under-served by national-chain convenience stores. The Company has successfully operated in these areas by combining both general store and convenience store formats and offering a broader selection of products than regular convenience stores at competitive prices."

Casey's General Stores closed on Monday at $63.40