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Fly News Breaks for August 14, 2019
CPRT, IAA
Aug 14, 2019 | 08:33 EDT
SunTrust analyst Stephanie Benjamin raised her price target on IAA (IAA) to $53 and kept her Buy rating after its Q2 earnings beat and maintained outlook for FY19 organic revenue growth. The analyst says the company is taking a "more aggressive approach" to online auctions, posting a 10% revenue growth, 6% volume growth, and 4% higher revenue per unit in the quarter. Benjamin also sees the implied premium 19-times her expected 2020 EBITDA multiple, which is above Copart's (CPRT) 14- to 17-times historic range, as justified based on IAA's greater ancillary service penetration with existing accounts and cost management.
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