BofA/Merrill Lynch Upgrades Copart (CPRT) Two-Notches to Buy

BofA/Merrill Lynch upgraded Copart (NASDAQ: CPRT) from Underperform to Buy with a price target of $45.00 (from $36.00).

Analyst John Lovallo said they believe valuation multiples near the higher end of historical ranges are warranted given that two key headwinds (the integration of a sizable acquisition and the international technology system rollout) are now largely behind the company.

For an analyst ratings summary and ratings history on Copart click here. For more ratings news on Copart click here.

Shares of Copart closed at $37.52 yesterday.

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