Goldman Sachs Upgrades LinkedIn (LNKD) to Buy, Sees Nearly 50% Upside

Goldman Sachs upgraded LinkedIn (NYSE: LNKD) from Neutral to Buy and raised their price target from $80 to $135, suggesting 47% upside.

The firm said they believe growth in the core hiring solutions and marketing services is likely to be higher than the market expects.

Checks showed increasing traction for hiring solutions and better user engagement. This along with emerging products, "suggest a steeper slope to the company’s long-term growth," the firm said.

On a macro level, Goldman said LinkedIn is best positioned to benefit from growth in mobile usage given its reliance on subscriptions versus advertising.

Goldman raised 2012 revenue and pro forma EPS estimates from $846 mn/$0.44 to $875 mn/$0.68. 2013 estimates go from $1,288 mn/$1.02 to $1,382 mn/$1.08. 2014 estimates go from $1,712 mn/$1.66 to $1,915 mn/$1.87.

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 $91.84 yesterday.

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