2024-03-27 03:29:39 ET
Summary
- CPRT's valuation was previously seen as too high, but the underlying momentum and volume growth trend have changed the outlook.
- In the 2Q24 quarter, CPRT's revenue and EBIT missed estimates, but volume growth and potential margin expansion are positive indicators.
- The increase in total loss frequency and the shift towards auctioning vehicles instead of repairing them are favorable for CPRT's business.
Summary
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Copart: Rating Upgrade As I See Volume Growth Driven By Structural Cause