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Fly News Breaks for September 21, 2018
KAR, CPRT
Sep 21, 2018 | 07:10 EDT
JPMorgan analyst Ryan Brinkman downgraded Copart (CPRT) to Underweight and lowered his price target for the shares to $47 from $48. The company reported softer than expected Q4 results this week but trades at "near record multiples" of earnings and EBITDA, Brinkman tells investors in a research note. The analyst sees a potential pair trade in going long KAR Auction (KAR) shares, and short Copart shares, to capitalize on the "valuation disconnect."
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