Copart upgraded to Buy from Hold at HSBC

HSBC analyst Wesley Brooks upgraded Copart (CPRT) to Buy from Hold with a price target of $62, up from $56. The firm says the stock’s 20% decline since the fiscal Q3 results results bring an attractive entry point. Copart’s short-term insurance volume softness is likely temporary and should be offset by margin improvement and share buybacks, the analyst tells investors in a research note. HSBC sees “attractive growth” for Copart and upside to consensus estimates.