Copart initiated with an Equal Weight at Stephens

Stephens analyst Jeff Lick initiated coverage of Copart (CPRT) with an Equal Weight rating and $50 price target The stock’s impressive absolute and relative performance is and was the product of exceptional operational execution, prescient strategic planning, some macro tailwinds and acknowledgment by the market via multiple expansion, the analyst tells investors in a research note. Stephens adds however that the current setup of high valuation, slowing profit growth and higher competitive and macro uncertainty presents a more challenging 12 to 24 month backdrop, driving its neutral rating.