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Fly News Breaks for September 7, 2017
CPRT, KAR
Sep 7, 2017 | 07:31 EDT
Stephens analyst Ben Bienvenu downgraded KAR Auction (KAR) to Equal Weight from Overweight, stating that while vehicle damage from Hurricane Harvey likely creates a surge of volume, the volume should also have significant costs that put pressure on profitability. He lowered his price target on KAR Auction to $48 from $51. He also noted that Hurricane Harvey's impact could limit share price upside over the next few quarters for fellow salvage auction operator Copart (CPRT).
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