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Mike Montani

Managing Director and senior equity research analyst at Evercore ISI

Michael (Mike) Montani is a Managing Director and senior equity research analyst at Evercore ISI, specializing in coverage of the retail and automotive segments within the broader consumer discretionary and staples universe. He actively covers major companies such as Kroger, Dollar General, Five Below, CarMax, Albertsons, Casey’s General Stores, Dollar Tree, Carvana, and Sprouts Farmers Market, and third‑party performance trackers such as StockAnalysis and TipRanks show him with a success rate in the mid‑60% range on over 100 published ratings and low‑single‑digit average annualized returns, while other platforms have historically ranked him in the middle tier of Wall Street analysts by performance. Montani began his finance career after earning a bachelor’s degree in finance from Boston College in 2005, worked his way up through research roles to become a senior equity analyst, and now serves as a Managing Director at Evercore ISI Group focused on the consumer space. He holds standard U.S. securities industry credentials for equity research analysts, including FINRA registrations and state securities licenses, supporting his role in publishing equity research and making public stock recommendations.

Mike Montani's questions to CASEYS GENERAL STORES (CASY) leadership

Question · Q2 2026

Mike Montani sought further color on the state of the consumer and the K-shaped economy, noting the implied 50 basis points of DSEL for the back half despite easier compares and potential CEFCO tailwinds. He asked for details on comp progression over the quarter, November trends, and high-level consumer commentary. He also inquired about share gain potential through prepared meals and upcoming LTOs or innovations like chicken wings.

Answer

Steve Bramlage, Chief Financial Officer, explained that comp progression reflected cycling prior-year comps, but the two-year stack accelerated from 6.5% to 7.5%, indicating business strength. He described consumer sentiment as mixed, with middle and upper-income cohorts feeling neutral to positive, while lower-income cohorts face more pressure but intend to maintain convenience store visit frequency. Mr. Bramlage highlighted increasing traffic and discerning spending, with Casey's prepared food offering strong value. Darren Rebelez, Chairman, President, and Chief Executive Officer, added that wings have the potential to create another occasion, offering a great value proposition, and that Casey's pizza continues to resonate with value-conscious guests due to its quality and price relative to QSR alternatives.

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