LinkedIn Downgraded By JP Morgan, Which Helped Underwrite Its IPO

jeff weiner linkedin

Photo: Flickr/TechCrunch

Shares of LinkedIn are off more than 8% after a downgrade from JP Morgan — one of the three banks that oversaw its IPO.In a note this morning, JP Morgan analyst Doug Anmuth downgraded the stock to neutral and set a price target of $85.

He’s not worried about the company’s fundamentals, but noted that its market value — then $12 billion — was close to Netflix’s $15 billion, even though Netflix has 7 times the quarterly revenue ($2.4 billion versus $290 million).

JP Morgan Chase underwrote the LinkedIn IPO along with Morgan Stanley and Bank of America.

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