This Top Business Services Stock is a #1 (Strong Buy): Why It Should Be on Your Radar
Whether you're a growth, value, income, or momentum-focused investor, building a successful investment portfolio takes skill, research, and a little bit of luck.
Should You Buy #1 (Strong Buy)-Ranked Copart, Inc. (CPRT) for Your Portfolio?
Copart, Inc. was upgraded to the Zacks Rank #1 list on September 30, 2023. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.
Based in Dallas, TX, Copart, Inc. was founded in 1982. The company provides online auctions and a wide range of remarketing services to process and sell salvage and clean-title vehicles. This is done mainly over the Internet, through its Virtual Bidding Third Generation (VB3) Internet auction-style sales technology. Sellers are primarily insurance companies, banks and financial institutions, charities, car dealerships, fleet operators and vehicle rental companies. Buyers include licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers and exporters, along with the general public.
For fiscal 2024, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.07 to $1.42 per share. CPRT boasts an average earnings surprise of 6.9%.
Analysts are expecting earnings to grow 12.7% for the current fiscal year, with revenue forecasted to rise 7.6%.
Additionally, CPRT has climbed higher over the past four weeks, gaining 0.3%. The S&P 500 is down 3.4% in comparison.
Bottom Line
With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Copart, Inc. could be just the stock to help your portfolio generate returns that could fund your retirement, your kids' college tuition, or your short- and long-term savings goals.
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