LKQ Corp (LKQX) Falls On Raymond James Downgrade, Piper Comes Out in Defense of the Stock
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Shares of LKQ Corporation (NASDAQ: LKQX) are under pressure today after Raymond James downgraded the automobile parts recycler from Outperform to Market Perform, citing softening demand and concerns about the integration of the Keystone acquisition.
In response to the recent weakness in the stock, including today's 10% sell-off, an analyst at Piper Jaffray has come out in defense of LKQ Corp, telling clients to buy on the weakness. The firm remains confident in the company's growth outlook.
Piper said investors' fixation on miles driven is unfounded, as correlation between LKQX organic sales growth and miles driven is nominal. The firm also said cost savings associated with the Keystone acquisition are tracking in line with expectations.
Piper has a Buy rating and $28 price target on LKQ. Shares of LKQ are down 9.6% today to $16.89.
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