UPDATE: Deutsche Bank Ups Target on LKQ Corporation to $29

Deutsche Bank raises its target price on Hold-rated LKQ Corporation

to $29, up $1.50, on outlook and business model confidence. Deutsche Bank says, "LKQ reported 4Q11 EPS of $0.39 vs cons of $0.37. A lower-than-normal tax rate of 33.5% added $0.02. Organic Growth of 5.6% was in-line with expect's (FY'11 ended at 7.9% vs guide of 6%-8%), but was a decel vs 8.7% in the first 3 qtrs, esp in Aftermarket (4.4% in 4Q vs 7.8% in first 3 qtrs). EBIT margin of 9.8% was down 110bps. '12 EPS guide of $1.72-$1.85 was slightly below cons of $1.86. Despite apparent negs, the stock outperformed the mkt on the day." LKQ closed at $32.60 a share on Thursday.