Copart: A Wide-Moat Compounder Trading At Discount

Copart, Inc. has declined nearly 50% but retains strong fundamentals and structural growth drivers, warranting a buy rating and a $39.25 price target. Rising total loss frequency, driven by EV complexity and ADAS, expands CPRT's addressable market and underpins a long-term growth thesis. CPRT's dual moat—physical yard ownership and the VB3 auction platform—creates high barriers to entry and supports durable margins.