Goldman Sachs Lifts Price Target On Copart (CPRT) On Higher Car Auction Prices

Goldman Sachs raised its price target and made positive comments on Copart (NASDAQ: CPRT), noting whole car auction prices have risen strongly in the wake of the March 11 earthquake in Japan, a boon for the industry.

Copart will benefit from higher whole car pricing, also April crushed auto body prices showed a strong rise. The firm raised their price target from $47 to $58 and reierated their Buy rating.

The firm also sees a positive read-across to KAR Auction Services, Inc. (NYSE: KAR), but said the read-across to CarMax Inc. (NYSE: KMX) is more mixed, given concerns about the ability to fully pass on wholesale inflation at retail without negatively impacting comps.

For more ratings news on Copart click here and for the rating history of Copart click here.

Shares of Copart closed at $44.95 yesterday.

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