In a report published Friday, Deutsche Bank reiterated its Hold rating on LKQ Corporation LKQ, and raised its price target from $18.50 to $20.00.
Deutsche Bank noted, “Organic growth in Q4 and within 2013 guidance lower-than-expected. LKQ reported 4Q12 EPS of $0.21 vs DBe / consensus of $0.23. Organic growth of 8% (which included an approx 5.5 point contribution from European Car Parts) was lower-than-expected, leading to weaker-than-expected incremental EBIT margin (9.5% vs consensus of 15%), as operating expenses grew more than expected, leading to the EPS underperformance vs consensus. 2013 EPS guidance of $1.00 - $1.09 was somewhat weak vs consensus of $1.09 and we believe 5.5%-7.5% organic growth guidance (vs 6.0% in FY2012) was disappointing given the expected full-year benefit from ECP (which grew 34% organically in Q4).”
LKQ Corporation closed on Thursday at $21.19.
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