Ahead of the Bell: LKQ Corp. downgraded

An analyst for William Blair & Co. cut his rating for LKQ Corp. late Thursday, advising investors wait to pick up shares of the maker of vehicle replacement parts.

Nate Brochmann lowered his rating for the company to "Market Perform" from "Outperform." He said that while LKQ's share price may look attractive, fluctuating commodity prices and cutbacks in consumer driving habits will likely effect the company's earnings more than previously expected.

As a result, the analyst said the company's current valuation appears to be appropriate.

"While we continue to believe LKQ is well positioned longer term as the market leader in the alternative car part market and maintains a compelling value proposition, we believe it is best to wait on the sideline for some of these near-terms headwinds to subside," Brochmann wrote in a note to investors.

LKQ said Thursday that its third-quarter profit jumped 72 percent, boosted by contributions from an acquisition. But the company cut its full-year profit outlook, citing reduced driving, fewer insurance claims and lower commodity prices.

LKQ shares closed Thursday at $11.20 and are down 46 percent so far this year.