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LinkedIn (LNKD) Shares Higher as Citi Upgrades to Buy Following Recent Pullback

May 30, 2012 7:39 AM EDT Send to a Friend
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Price: $225.75 --0%

Rating Summary:
    30 Buy, 12 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Citi's Mark Mahaney upgraded shares of LinkedIn (NYSE: LNKD) from Neutral to Buy Wednesday morning. The analyst noted a recent pullback in the stock (about 12 percent since mid-May) has created about 25 percent upside to his $125 price target.

Mahaney believes LinkedIn has executed strongly so far, and cited a recent human resources survey which suggested recruiters are beginning to increase their usage of the site. Data showed 110,000 job postings as of May 29th, up 12 percent from March 31st and up a sharp 70 percent since September 30th, 2011.

LinkedIn has grown sales at a greater than 100 percent rate for the last seven quarters, and has boasted eight quarters in a row of 100-plus percent corporate customer growth. Also notably, EBITDA margins have been near 20 percent for the last two years.

The Citi analyst called LinkedIn "one of the strongest assets out of the 2011-2012 internet IPO cycle."

Shares of LinkedIn last traded at $102 even, up more than 2 percent from Tuesday's close.

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




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