UPDATE: Morgan Stanley Raises PT to $115 on LinkedIn

Morgan Stanley increases its price target from $105 to $115 on Overweight-rated LinkedIn

as sales efficiencies should lead to upside in margins. Morgan Stanley notes, "After analyzing LinkedIn's sales force efficiency, we believe the company has deftly navigated a period of heavy headcount onboarding with minimal drag on productivity. Our base case margin for C'12/13E exceed our bull case at initiation, and we are raising our long-term EBITDA margins by 300bps." LNKD closed at $97.66 on Wednesday.