Fly News Breaks for October 18, 2019
Oct 18, 2019 | 07:10 EDT
As previously reported, Guggenheim analyst Ali Faghri upgraded Copart (CPRT) to Buy from Neutral with a $93 price target, citing the recent alignment of "two rare catalysts," namely an increase in buyer fees and a share win at "major customer" Geico. He sees these two factors driving mid-teens percentage, or higher, revenue growth over the next year for Copart, Faghri tells investors. For IAA (IAA), which lost the Geico share, the risk to 2020 consensus earnings is "manageable" given offsetting factors, added Faghri who believes the "bad news" is priced into the shares. He lowered his FY19 and FY20 estimates for IAA to reflect the Geico loss, which cut his price target on IAA to $46 from $50, though he keeps a Buy rating on the stock.
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