Bank of America Merrill Lynch Maintains Buy on Copart

Bank of America Merrill Lynch is out with its report today on Copart

, maintaining Buy. In a note to clients, Bank of America Merrill Lynch writes, "In our view, CPRT is very well positioned in the relatively stable salvage vehicle auction market and will continue to expand its presence in the similarly stable whole car business. In addition, CPRT's international buyer base has grown significantly, which has been facilitated by the company's virtual bidding second generation technology, allowing buyers to participate in auctions from anywhere around the globe via an Internet connection. We expect the company's expanding buyer base to be a meaningful driver of future results." Bank of America Merrill Lynch maintains a $50 PO on CPRT. Shares of CPRT closed Wednesday at $46.19, down 1.72% from Tuesday's close.