UPDATE: Goldman Sachs Initiates Casey's General Stores with Neutral on Best-In-Class Position

In a report published Wednesday, Goldman Sachs analyst Stephen Grambling initiated coverage on Casey's General Stores (NASDAQ: CASY) with a Neutral rating and $62.00 price target.In the report, Grambling noted, “We initiate coverage of Casey's General Stores (CASY) with a $62, 12- month price target (15% upside). We view CASY as best in class in the highly fragmented but stagnant convenience store industry due to its strong prepared food offering, centralized self distribution, and more stable gas margins. Furthermore, we expect fundamentals will inflect in FY14 driven by in-store initiatives, store expansion, and fuel tailwinds. However, with the stock trading at a premium to both our coverage universe and the historical average, we would await a better entry point to become more constructive, all else equal.”Casey's General Stores closed on Tuesday at $54.00.