With a sea of green filling our screens, LinkedIn Corp. is one stock in the red that caught our attention.
Shares kicked off the new year on a sour note after Barclays downgraded the�professional social networking company. Dow Jones’ Drew Fitzgerald has the details:
Bullish on LinkedIn for more than a year, Barclays finds no�reason to boost its $125 price target further and hence downgrades the�professional-networking service to equal weight. Wall Street’s 2013 revenue�estimate is now 8% above Barclays’ view and the investment bank thinks LNKD’s�initial forecast “could come in slightly below consensus,” especially “given�management’s history of conservatism.” The investment bank also stresses that�its downgrade isn’t the result of a darkened view on LNKD. “We continue to be�positive on the fundamentals and growth outlook.”
LinkedIn shares fell 1.9 to $112.65. The decline came after the stock jumped 82% last year. LinkedIn went public in May 2011 at $45 a share.
Meanwhile, the S&P 500 jumped 2.5% to 1462, its biggest rally in more than a year.
LinkedIn has been one of the few social-media stocks that has found success in the public markets over the last few years Facebook Inc. Groupon Inc. , and Zynga Inc. , all struggled last year.
Yet all three of those stocks jumped on the first trading day of the year.
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