JPMorgan Chase downgrades LinkedIn

Analysts at JPMorgan Chase have downgraded LinkedIn from a'buy' to 'neutral' recommendation, amid concerns the stock is overheated.

The group is the first IPO underwriter to downgrade the stock three months after its listing. In a note to clients seen by the Wall Street Journal, Doug Anmuth, an analyst at the group, said the stock has become fairly valued and has placed a $85 price target on the shares. The stock has more than doubled since its $45 IPO price, priced at $98 at the end of trading yesterday. "The stock has risen 44% in three weeks, compared with 3% for the S&P 500," he said. "Our move to neutral here is based on valuation rather than fundamental concerns as we believe the risk/reward in the sha...