JPMorgan says LKQ Corp. shares fell 15% yesterday after the company reported softer Q1 results, driven by weaker revenue and margins leading to a sizable earnings miss. Management reiterated its 2024 EBITDA, earnings and free cash flow guidance while modestly lowering the organic revenue growth outlook, the analyst tells investors in a research note. The firm believes the quarter was impacted by weather headwinds and sees an attractive risk/reward following the “knee-jerk reaction” to the report. JPMorgan keeps an Overweight rating on LKQ with a $63 price target.
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Read More on LKQ:
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