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Evercore Raises PT on LinkedIn (LNKD) Following Q2 Results; Underlying Ops Still Strong

August 2, 2013 8:57 AM EDT Send to a Friend
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Price: $224.20 -0.51%

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    30 Buy, 12 Hold, 0 Sell

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    Up: 0 | Down: 0 | New: 5
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Evercore is maintaining its Overweight rating on LinkedIn (NYSE: LNKD) following Q2 results, but is boosting its price target from $210 up to $250.

Analyst Ken Sena said, LinkedIn delivered a solid second quarter result , modestly raising FY guidance, and showing growing strength within its underlying business drivers. Revenues came in at $364mm beating us/Street by 1%/4%. EBITDA of $88.6mm was exactly in-line with our estimate and 9% ahead of the Street, resulting in EPS of $0.38 vs. us/Street of $0.35/$0.31...Factoring mobile unique visitor growth of 102% (now 33% of total UVs), overall UV growth accelerated Y/Y to 45% from 38% growth in the prior year. This was also reflected in accelerating registered member growth, which increased from 36% y/y to 37% y/y, its first quarter of q/q acceleration since 3Q11.

The increased price target stems from LinkedIn's strong user and engagement growth, its ability to drive higher monetization through software-based deployments, and its ability to target both consumer and enterprise sectors.

For an analyst ratings summary and ratings history on LinkedIn click here. For more ratings news on LinkedIn click here.

Shares of LinkedIn closed at $213.00 yesterday.




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