How Can LinkedIn Double Its Addressable Market?

In a note released Tuesday morning, Evercore analyst Ken Sena reiterated his Buy rating on LinkedIn LNKD while lowering his price target from $240 to $220.

Looking at the company, Sena believes it could benefit from putting a larger emphasis on the functionality of its search option. He further believes the company needs to address the problem of running into "pay walls" during searches.

Sena says the benefit from fixing issues related to the company's search function could nearly double its total addressable market. This is something LinkedIn management may want to take under consideration, Sena says, considering the willingness of professionals to pay for discovery on Google is likely to carry over to LinkedIn.