J.P. Morgan Initiates Coverage On LinkedIn

J.P.Morgan Chase & Co. is initiating coverage on LinkedIn (NYSE: LNKD) with an Overweight rating and a $85 price target.

In a note to clients, J.P.Morgan Chase & Co. writes, "We are initiating coverage of LinkedIn with an Overweight rating and a price target of $85. Shares are trading 70% above the recent IPO price, but we believe LinkedIn is disrupting both the online and offline job recruitment markets, and deeper corporate penetration and increasing member engagement will drive strong results over the next few years."

Shares of LNKD are up $3.01 in pre-market trading to $79.39, a gain of nearly 4%.