LinkedIn Drops as Analysts Cut Ratings on Valuation Concerns
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LinkedIn Corp. declined 4.4 percent in New York trading after analysts at Evercore Partners Inc. and Morgan Stanley lowered their ratings on the stock, citing concern the professional-networking company is overvalued.
Evercore and Morgan Stanley said the stock is expensive even after the company reported an unexpected second-quarter profit and said revenue soared as business customers spent more on hiring services. The stock has more than doubled since the company’s initial public offering in May.