LinkedIn Price Target Raised to $200 at Evercore, Says Similarities to CRM Attractive
Evercore's Ken Sena boosted his price target on shares of LinkedIn (NASDAQ: LNKD) from $160 to $200 Wednesday morning. The analyst maintains an Overweight rating on LinkedIn shares.
Sena believes there are strong similarities between LinkedIn and Salesforce.com (NYSE: CRM). The analyst specifically mentioned the large addressable market, business model which is enterprise facing and consistent strong sales growth.
Extrapolating Salesforce.com's multiple into his LinkedIn model, Sena comes to a theoretical five-year share price around $280.
With shares of LinkedIn up more than 7 percent to $169 at last check, Sena's new price target represents potential upside of about 18 percent.