Acquisitions Drive LKQ Corp (NASDAQ:LKQX) PT, EPS Estimates Up

With over a dozen acquisitions in the last couple of quarters, LKQ Corp (NASDAQ:LKQX) had their price target and EPS estimates raised by Canaccord Genuity. 2011 revenue projections were also boosted.

Canaccord says, "LKQ completed seven acquisitions in Q3/10 and added another six or so in Q4/10, representing approximately $215M in combined annual revenue. To reflect these additions and a somewhat improved outlook for LKQ’s business overall, we increase our 2011 revenue estimate to $2.7B, up from $2.5 billion. As a result, our 2011 EPS estimate goes up to $1.35, from $1.28 previously. We introduce 2012 revenue/EPS estimates of $2.99B/$1.65."

Canaccord Genuity reiterates their "Hold" rating on LKQ Corp (LKQX), which closed Wednesday at $23.37, losing $0.19, or 0.81 percent. Canaccord raised their price target on LKQ from $21 to $25.