The Globe and Mail reports in its Thursday edition that RBC Dominion Securities analyst Irene Nattel has kept her "outperform" recommendation and $111 share target for Alimentation Couche-Tard. The Globe's David Leeder writes that analysts on average target the shares at $103.55. Couche-Tard reported earnings per share of 90 cents, up 15.9 per cent year-over-year and a penny above Ms. Nattel's estimate while matching the Street's expectation. Ms. Nattel says in a note: "A fifth consecutive quarter of positive U.S. same-store merchandise growth and persistently strong U.S. fuel margins anchored the Q1/F27 print, while normalized opex discipline held below inflation. The margin picture in Europe was mixed as Germany-specific structural headwinds offset otherwise solid merchandise execution, and Canada's merchandise sales engine sputtered. The pending Zabka acquisition (about $8.6-billion) looms large as both a strategic accelerant for European convenience and a near-term balance sheet event." While Couche-Tard's same-store growth in the United States fell short of its target, Ms. Nattel notes its "performance echoes U.S. retail leaders noting more cautious spending in the face of higher fuel prices/cost of living."