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NEW YORK (TheStreet) -- Casey's General Stores (CASY) was upgraded to "buy" from "hold" at Deutsche Bank on Wednesday morning. The firm set a $130 price target on the stock.

The upgrade comes as Deutsche Bank sees the stock as having favorable risk/reward. Casey's "sum of the parts upside offsets risk of lower fuel margins," the firm said in a note.

"In our view the primary risk to our rating is declining fuel margins. However, a $0.10 fuel margin (not seen since FY04) only lowers our SoTP to ~$110 despite significantly lowering EPS. Net, we see +18% upside with flattish downside," the firm continued.

In addition, Deutsche Bank sees Casey's as having a "best in class food business." The company's pizza chain is a top 10 in the U.S. and has consistently generated two year stacked comps above Papa John's (PZZA).

Casey's General Stores is an Ankey, IA-based convenience store operator in the Midwest.

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Shares of Casey's General Store closed up by 1.92% to $110.32 on Tuesday afternoon.

Separately, TheStreet Ratings has set a "buy" rating and a score of A- on Casey's General Store stock. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that TheStreet Ratings covers.

The company's strengths can be seen in multiple areas, such as its notable return on equity, good cash flow from operations, reasonable valuation levels and solid stock price performance. TheStreet Ratings feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that it evaluated.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: CASY

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