LKQ Corporation: No Tangible Catalyst To Drive A Turnaround

I maintain my hold rating on LKQ, due to weak 2Q25 results, guidance cuts, and lack of near-term catalysts for turnaround. North America outperformed a shrinking market and Specialty segment stabilized, but these positives are outweighed by worsening trends in Europe. Europe faces structural and operational challenges, with management overhaul indicating a multi-quarter recovery and continued margin pressure.