Goldman Sachs Downgrades Copart to Neutral

Goldman Sachs downgraded its rating on Copart (NASDAQ: CPRT) from Buy to Neutral.

In a research report published today, "Goldman states, "We downgrade CPRT to Neutral from Buy, driven by valuation and recent share price outperformance; the stock now offers below-median upside to our target price vs. our coverage group. The move also allows us to side- step potential headwinds related to systems changes and lower miles driven."

At the moment, Goldman has a price target of $47 placed on the company's stock. On Friday, Copart closed the day at $44.67.