UPDATE: Deutsche Bank Raises PT on LKQ Corporation on Q4 Growth, 2013 Guidance

In a report published Friday, Deutsche Bank reiterated its Hold rating on LKQ Corporation

, 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.