UPDATE: Deutsche Bank Raises PT on LKQ Corporation Following Management Meetings
In a report published Wednesday, Deutsche Bank analyst Rod Lache reiterated a Hold rating on LKQ Corporation (NASDAQ: LKQ), and raised the price target from $22.00 to $26.00.
In the report, Deutsche Bank noted, “We recently spent several days with LKQ mgmt and came away with reinforced confidence that 15%-20% annual EPS growth can be sustained over the medium-term. While the near-term outlook appears bright, and multiples have risen accordingly, we see several catalysts that could lead to additional upside for the stock over the near term. That said, we also see potential for long-term headwinds that could eventually lead investors to reassess long-term growth rates, potentially bringing multiples back down to historical averages. Maintain Hold.”
LKQ Corporation closed on Tuesday at $26.39.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.