Copart assumed with a Neutral at JPMorgan

JPMorgan analyst Jash Patwa assumed coverage of Copart with a Neutral rating and $48 price target. Copart continues to execute strongly, driving meaningful share gain while also demonstrating solid operating leverage, the analyst tells investors in a research note. The firm says that while the industry volume backdrop is likely to remain supportive over the near- to medium-term aided by total loss frequency tailwinds, it sees potential for Copart’s share gains and earnings growth to decelerate as abating pricing tailwinds eventually weigh on margin.