Copart falls after Q3 earnings miss estimates, J.P.Morgan cuts PT

Copart CPRT.O shares down 3% to $59 premarket

Co on Thursday reported quarterly revenue and net income below Wall Street estimates as weak vehicle sales and higher expenses offset growth in service segment

CPRT posted Q3 total revenue of $1.21 bln, missing analyst estimates of $1.23 bln

Co posted Q3 net income of $406.6 mln, slightly below the estimates of $407.34 mln, according to data compiled by LSEG

J.P.Morgan cut the price target to $55 from $60, a downside of 9.3% to the stock's last close, rating unchanged at 'neutral'

Says co's Q3 results amplify concerns around insurance volume growth trajectory and competitive pressure from resurgence of its rival Insurance Auto Auctions (IAA)

Six of eleven brokerages rate the stock "buy" or higher, five "hold"; their median PT is $64- data compiled by LSEG

As of last close, stock had risen 5.7% YTD