03:04 PM EDT, 06/26/2024 (MT Newswires) -- Couche-Tard's fourth quarter adjusted earnings per share was $0.48 versus National' Bank's at $0.49 and consensus at $0.50; last year was $0.71.

"We consider results to be weak given a miss across many key metrics. A portion of the miss was related to fuel, suggesting that consensus estimates will not decline by the magnitude of the shortfall," writes National Bank's Vishal Shreedhar.

The merchandising segment also underperformed, which will cause some to question Couche-Tard's ambitious "10 For The Win" growth agenda, Shreedhar adds.

Couche-Tard is rated Sector Perform, with a $84 target.

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