ORLANDO, Fla., Nov. 20, 2006 (PRIMEZONE) -- RedChip Independent, a division of RedChip Companies, announced today that they have updated research on LKQ Corporation (Nasdaq:LKQX).
Lisa Springer, CFA, RedChip Research Analyst, wrote in the report:
"We are increasing our estimate of FY 2006 EPS to $0.80 per share and raising our target price to $28.00. At a current price of $23, LKQ shares are trading at 29 times our estimate of FY 2006 EPS but at a comparatively low forward P/E of 23 times (based on 2007 consensus analyst estimates) and at a modest PEG (P/E to earnings growth) ratio of 1.2. We believe these shares remain well positioned for continued double-digit earnings growth in the years ahead."
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RedChip Independent Research Disclosure
The analysts contributing to this report do not hold any shares of LKQX. Additionally, the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts' personal views as to the subject securities and issuers. RedChip certifies that no part of the analysts' compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst in the report. Additional information on the securities mentioned in this report is available upon request. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. As such, the report should not be construed as advice designed to meet the particular investment needs of any investor. LKQX is not a client of RedChip Companies or any of its affiliates.