Analysts' Top Consumer Cyclical Picks: AutoZone (AZO), LKQ (LKQ)We maintain our Buy rating and our $47 target price on LKQ Corporation (LKQ, Buy, $40.49). In 4Q24, LKQ continued to see headwinds from soft collision repair levels and weak Specialty segment demand. On an organic basis, Wholesale North American continued to take market share with revenue down 4% Y/Y versus a 6% decline in overall market repairable claims. Wholesale European profitability was better than expected at 10.1%, despite a 2.2% decline in revenue. Macro headwinds are expected to continue in FY25 limiting AEBITDA growth and margin upside with 1H25 weaker and 2H25 showing some Y/Y improvement. Longer-term our $47 valuation assumes 2.4% revenue growth, 2.6% AEBITDA growth and 4.3% FCF growth.