Copart (CPRT) PT Raised to $69 at Stephens

Stephens analyst Daniel Imbro raised the price target on Copart (NASDAQ: CPRT) to $69.00 (from $60.00) while maintaining a Equal Weight rating following the company's 3Q earnings report. CPRT reported adjusted EPS of $0.66 ahead of consensus estimates of $0.62. Revenue in the quarter was $553.1 million, ahead of consensus estimates of $535.6 million.

Stephens revised FY19 adjusted EPS estimate from $2.20 to $2.24, reflecting a stronger revenue outlook and more G&A expense leverage, partially offset by less gross margin leverage and higher interest expense. Additionally, FY20 adjusted EPS estimate was revised from $2.50 to $2.59.

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