Citigroup’s Mark Maheny is out with a bullish call on LinkedIn, giving it a BUY rating and a price target of $125.
He provides three reasons for liking the company:
- The company has a fantastic track record as a public company. Its seen 7 straight quarters of 100%+ revenue growth, and 8 quarters of 100%+ corporate customer growth. What’s more, says Mahaney, end market penetration remains low.
- According to Citi’s surveys of HR professionals, satisfaction is growing. The number of survey respondents who plan to spend more on LinkedIn has gone from 20% in the middle of 2011 to 69% in 2012.
- There’s massive growth in job listings. As of the end of May, there are 110,000 job listings on LInkedIn, an increase of 12% in just one quarter.
This chart from the report really gets to the gist of the surging customer interesting at LinkedIn:
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