Probably the Telegraph realizes that it would take very little to lead Mr. Obama, and LBJ fits that bill. Maybe Obama will start a big useless war as Johnson did.
He's too arrogant to use anyone as a guiding light. He just claims to so he can pass blame on them, instead of taking responsibility for his failures.
He had abysmal policies and only got in due to his allegedly "sympathetic" view towards the minorities, kind of like how Obama got in. Maybe that is the parallel they are drawing.
Or they have a different view because they are detached from the situation, the way in which he got elected, aside from being suspect, also relied heavily on the minority vote, much like LBJ. Many of Obama's crappy policies also lean in the direction of being pro-minority, see how well that worked out for LBJ? There are those living in other countries that correctly equate many of his policies with socialist ones, yet Americans, born and raised, simply ignore this. I don't think they were suggesting he ACT like LBJ, just follow LBJs policies, which can't be any worse than the tripe he has been churning out.