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Wednesday, Feb 27
LinkedIn (LNKD +3.1%) and OpenTable (OPEN +3.8%) jump out of the gate after Wunderlich starts...
LinkedIn (LNKD +3.1%) and OpenTable (OPEN +3.8%) jump out of the gate after Wunderlich starts coverage with Buy ratings. Also, Evercore's Ken Sena has raised his PT for LinkedIn to $200 from $160, arguing it should trade at multiples comparable to those of cloud software plays Workday and ServiceNow, and that of Salesforce shortly after its IPO (ed: the valuations of those firms have been criticized). Sena' reasoning: LinkedIn's subscription streams, addressable markets, and margin leverage "renders traditional earnings valuation metrics less meaningful."