Copart Inc CPRT:NASDAQ

Last Price$115.26NASDAQ Previous Close - Last Trade as of 4:00PM ET 10/19/20

Today's Change-1.92(1.64%)
Bid (Size)$113.11 (1)
Ask (Size)$117.76 (1)
Day Low / High$114.69 - 118.36
Volume900.1 K

Research Alert: CFRA Maintains Hold Opinion On Shares Of Copart, Inc.

10:15AM ET 9/03/2020 MT Newswires
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month price target by $20 to $105, based on 30.9x our FY 22 (Jul.) EPS estimate, a premium to the stock's historic average P/E multiples, justified by its strong balance sheet and growth potential. We raise our adjusted EPS estimates by $0.50 to $3.10 for FY 21 and introduce FY 22 at $3.40. CPRT posts Jul-Q adjusted EPS of $0.69 vs. $0.60 (+15%), well ahead of the $0.38 consensus. The massive beat was driven both by a better-than-expected top line and stronger margins, as revenue fell 3.1% to $525.7M ($89.3M ahead of consensus) and gross margins expanded 190 bps to 47.6% (650 bps ahead of consensus). We maintain a Hold on valuation, but clearly the steep drop in miles driven has not weighed on CPRT's near-term results as much as had been anticipated. CPRT's balance sheet remains strong (net cash) and it has been investing more for growth than it has in past years, as capex (including acquisitions) increased to $604M in FY 20 from $375M in FY 19, which should help drive additional EPS growth.