BB&T Capital Markets Maintains Buy Rating For Copart (CPRT)
March 04, 2010 9:23 AM
BB&T Capital Markets analysts Anthony F. Cristello and Allen M. Hatzimanolis maintained their Buy rating for shares of Copart, Inc. (Nasdaq: CPRT) with a price target of $45.
The analysts noted that recent acquisition of five more facilities give the company close to a 45% market share, up from 35%.
The BB&T Capital Markets analysts wrote that, "it will take time for Copart’s wide range of marketing initiatives to be fully reflected in financial results (right now the increase in SG&A is most visible), we believe initial measures of the company’s traction are quite impressive. On a yr/yr basis, average daily website traffic more than doubled to 100k visitors per day in January of 2010 and more than 10x the number of new memberships were created relative to Q2’09. As the company’s brand recognition widens (new show “Sold in Seconds” launched Tuesday on Speed TV) and new members register, we expect to see gradual increases in overall bidding activity (and ASPs)."
