As reported earlier, SunTrust analyst Stephanie Benjamin initiated LKQ with a Buy rating and a price target of $40. The analyst notes that the stock price is down about 20% over the last month, trading at its lowest multiple in over 5 years, while its estimates do not reflect the accretion from its pending acquisition. Benjamin also points to the company's leading market position at 20-times the size of its closes US competitor and 3-time the size of closest competitor in Europe. The analyst expects the upcoming May 31st analyst day to provide a positive catalyst for the stock, highlighting that its Q1 issues were transitional rather than structural and convincing investors that the outsized selloff was not warranted.