Copart price target lowered to $56 from $58 at Baird

Baird lowered the firm’s price target on Copart to $56 from $58 and keeps an Outperform rating on the shares. The firm said results fell short as expenses ran high during an investment phase. Baird said Copart operates a unique business with wide moats based on property ownership and network effects. But to the extent momentum investors exit, they believe core growth investors can be patient.