Why Copart Stock Ticked 4% Higher on Thursday
Yahoo Finance ·
Market players hit the gas pedal on auto marketplace operator Copart ( CPRT +4.42% ) on Thursday, following an analyst recommendation upgrade. With that fuel injection into the shares, they zoomed more than 4% higher that trading session. That was in sharp contrast to the benchmark S&P 500 index, which dipped by 0.7%. The person behind the upgrade was Jash Patwa of JPMorgan Chase 's J.P. Morgan. Well before market open Thursday, he moved his Copart recommendation up one peg to overweight (read: buy) from neutral. He accompanied this with a significant price target raise, to $40 per share from $32. According to reports, Patwa waxed bullish about the early tenure of returning CEO Jay Adair, writing that Copart appears to be picking up share in some states from an insurer he did not name.
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