Barclays starts Copart at Underweight on share loss risk

Barclays initiated coverage of Copart (CPRT) with an Underweight rating and $32 price target The firm rolled out coverage on the auto retail sector with a neutral view. Sector fundamentals are mixed, but the dealers offer “resiliency and strong shareholder returns,” the analyst tells investors in a research note. Barclays is constructive on the growth outlook for the digital auction marketplaces as it sees the companies gaining shared from physical auctions. The firm cites risk of share loss for the Underweight rating on Copart.