Copart, Inc.: Growth Acceleration the Top Priority for Incoming CEO Albeit Non-Core Initiatives Offer Little Organic Torque Near-Term

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Copart, Inc.: Growth Acceleration the Top Priority for Incoming CEO Albeit Non-Core Initiatives Offer Little Organic Torque Near-Term

J P M O R G A N North America Equity Research

06 July 2026

Copart, Inc.

Growth Acceleration the Top Priority for Incoming CEO Neutral

Albeit Non-Core Initiatives Offer Little Organic Torque CPRT, CPRT US

Near-Term Price (02 Jul 26):$30.01

▼Price Target (Dec-27):$32.00

Prior (Dec-26):$35.00

We are lowering our F4Q26/FY27 EPS estimates to $0.37/$1.55 (vs. $0.38/$1.63

prior) on lower insurance volume and higher G&A investment assumptions, and Autos & Auto Parts

rolling out our FY28 forecast (JPMe EPS $1.65 vs. consensus $1.79), which Jash Patwa AC

underpins our revised December 2027 PT of $32 (vs. our December 2026 PT of $35), (1-212) 622-5472

based on a 50/50 blended FY2 P/E and EV/EBITDA approach. Incoming CEO (click jash.patwa@jpmchase.com

here for our initial take on announcement) Jay Adair’s commentary reinforced a Rajat Gupta

growth agenda anchored in three pillars: international salvage expansion, domestic (1-212) 622-6382

rajat.gupta@jpmorgan.com

whole car growth, and a deeper push into ancillary technologies and services. That

Yash Beswala

said, there is no silver bullet to accelerate the trajectory from here, especially as

(1-212) 622-0028

investments will be required across these verticals to align talent and infrastructure, yash.beswala@jpmchase.com

and with these segments still representing a modest share of the business (whole car J.P. Morgan Securities LLC

is <20% of US volumes, international EBITDA is ~15% of overall EBITDA), the

near-term financial impact is likely to be limited. Incremental capital deployment is

also on the horizon, with management expecting a mix of organic and M&A-driven Key Changes (FYE Jul)