"We believe the long-term trajectory of existing businesses and the opportunity represented by emerging businesses like Sales Navigator ... remain among the strongest in Internet," writes Goldman, reiterating a Buy on LinkedIn (LNKD +9%) and upping its target by $20 to $250.
The firm sees jobs and product sales benefiting from mobile and native ad growth, and thinks strong growth justifies a steep valuation of 21x 2015E EV/EBITDA.
4 other firms have also hiked their LinkedIn PTs. Among them is SunTrust (PT raised to $240), which declares LinkedIn "uniquely positioned to create a [cloud app platform] for professionals." The company just rolled out a standalone version of its Sales Navigator product (has a separate login) that adds a number of features requested by sales pros.
Many analysts are pleased LinkedIn added 2.2K+ Talent Solutions accounts in Q2, up from Q1's disappointing 1.4K and bringing the total base to 28.1K. Also going over well: Cumulative members rose 6% Q/Q and 32% Y/Y to 313M. On the other hand, unique logged-in visitors only rose 3% Q/Q and 13% Y/Y to 84M; total unique visitor count is at 186M (per comScore).