Copart hits record high on upbeat third-quarter profit

Copart

18/05/2023 15:10

** Shares of online vehicle seller Copart Inc.  CPRT.O  rise
4.9% to $85.82, hitting record high 
    ** Co posts Q3 adj. earnings of 72 cents per share, beating
analysts' estimates of 64 cents - Refinitiv data
    ** Also posts slightly better-than-expected Q3 revenue of
$1.02 bln vs analysts' estimates of $1.01 bln
    ** Co benefited from growth in US insurance volumes and
service revenue 
    ** Brokerages Jefferies raises target price to $95 from $91;
Guggenheim raises target price to $91 from $82
    ** 7 of 10 analysts rate the stock "buy" or higher while 3
rate it at "hold"; median PT $91 – Refinitiv data
    ** Including session's gains, stock has risen 34.67% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))