Copart (CPRT) PT Adjusted to $52 at CFRA

CFRA analyst Garrett Nelson lowered the price target on Copart (NASDAQ: CPRT) to $52.00 (from $95.00) while maintaining a Strong Buy rating following its stock split.

The analyst commented, "We adjust our 12-month price target to $52 from $95, based on a FY 25 (Jul.) P/E of 33.5x, a slight premium to CPRT's five-year mean forward P/E of 32.1x. Our estimates and price target are adjusted for CPRT's 2-for-1 stock split, which went into effect after the close yesterday. Our adjusted EPS estimates go to $1.25 for FY 23 and $1.35 for FY 24 versus prior estimates of $2.50 and $2.70, respectively. Additionally, we introduce a FY 25 estimate of $1.55. CPRT will report fiscal Q4 2023 earnings in early September. The stock remains one of our top picks, given its dominant market position, quality management, robust balance sheet ($2.0B of net cash as of the end of April), and strong free cash flow generation."

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