LinkedIn Jumps After JPMorgan, UBS Predict Further Stock Gains

Tuesday, 28 Jun 2011 02:39 PM

 

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LinkedIn Corp., the biggest professional-networking website, jumped as much as 13 percent on the New York Stock Exchange after JPMorgan Chase & Co., Morgan Stanley, UBS AG and Bank of America Corp. initiated coverage of the stock.

LinkedIn rose $7.15, or 9.4 percent, to $83.53 at 1:38 p.m. New York time.

The stock, which began trading last month, climbed as high as $86.50 earlier in the session.

JPMorgan predicted that the shares would climb to $85 in the next 18 months, giving them an “overweight” rating, while Bank of America has a “buy” recommendation and a price target of $92. UBS, which also assigned a “buy” rating, expects the stock to increase to $90. Morgan Stanley projected $88, with an “overweight” rating.


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