Oscar Gruss Starts Copart (CPRT) at Buy
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Oscar Gruss initiates coverage on Copart Inc. (Nasdaq: CPRT) with a Buy rating and $45 price target. The firm notes CPRT has grown to become one of the two largest players in the re-marketing of salvaged vehicles with a national reach of roughly 30-35% of the North American market. The firm said the company's high margins should enable it to generate $125M+ in free cash flow this year. The firm said the stock looks cheap, trading at just 8.8x their FY10 EBITDA.
Copart, Inc. provides various re-marketing services to process and sell vehicles over the Internet through its Virtual Bidding Second Generation Internet auction-style sales technology to vehicle suppliers primarily insurance companies, banks and financial institutions, charities, car dealerships, fleet operators, vehicle rental companies, and the general public.
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