Casey's General Stores (CASY) executed well in Q3 and showed the resilience of its business model even amid a tough macro backdrop, UBS Securities said in a note emailed Tuesday.

The investment firm highlighted the fact that Casey's Q3 earnings per share of $3.49 came in above UBS' estimate of $2.95, as well as the consensus forecast of $3.00.

The company's inside same-store sales were led by prepared foods, backed by "strong performances in whole pizzas [and] hot sandwiches," the note said.

Meanwhile, the grocery and general merchandise segment saw a "slightly softer comp" but its 4.0% growth still "meaningfully beat" UBS' 2.9% estimate due to sales of non-alcoholic beverages, UBS said.

The investment firm also noted that Casey's revised its 2026 guidance alongside its Q3 results and now expects earnings before interest, taxes, depreciation, and amortization growth of 18% to 20%, up from 15% to 17% in the previous outlook.

UBS has a neutral rating on Casey's and a $600 price target.

Casey's shares were up 1.5% in Tuesday morning trading.

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