TMCnet News
Downgrade Alert for Copart (CPRT)Feb 01, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) -- Copart (NASDAQ:CPRT) was downgraded from Buy to Hold at BB&T Capital today. The stock closed yesterday at $35.91 on volume of 5.5 million shares, above average daily volume of 561,000. Copart, Inc. provides vehicle suppliers, primarily insurance companies, with a variety of services to process and sell salvage vehicles through auctions. Salvaged vehicles are primarily sold to licensed dismantlers, rebuilders, and used vehicle dealers. Copart share prices have moved between a 52-week high of $37.47 and a 52-week low of $22.58 and closed yesterday at 59% above that low price at $35.91 per share. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.3%. Copart (NASDAQ:CPRT) defies analysts with a current price ($35.91) 15.9% above its average consensus price target of $30.21. The stock should discover initial support at its 50-day moving average (MA) of $30.86 and subsequent support at its 200-day MA of $27.29. SmarTrend recommended that subscribers consider buying shares of Copart on July 5th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $24.87. Since that recommendation, shares of Copart have risen 44.4%. We continue to monitor CPRT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately. Write to Chip Brian at [email protected] --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup |