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Shares of LinkedIn are off more than 8% after a downgrade from JP Morgan -- one of the three banks that oversaw its IPO.
In a note this morning, JP Morgan analyst Doug Anmuth downgraded the stock to neutral and set a price target of $85.
He's not worried about the company's fundamentals, but noted that its market value -- then $12 billion -- was close to Netflix's $15 billion, even though Netflix has 7 times the quarterly revenue ($2.4 billion versus $290 million).
JP Morgan Chase underwrote the LinkedIn IPO along with Morgan Stanley and Bank of America.
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