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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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Matt was an executive editor at Business Insider who ran the San Francisco bureau and oversaw technology coverage for Business Insider. Previously, he was an analyst for Directions on Microsoft and blogged about music tech for CBS Interactive. From 1995 to 2000, he was a founding editor at CNET.com.