We recently revised our price estimate for LinkedIn from $214 to $174. The primary reasons for the price estimate revision were the increase in forecast expenses and lower revenue expectations for LinkedIn, which will pressure the company’s margins and earnings going forward. In its fourth quarter earnings call, LinkedIn provided weak Q1 and full year 2016 guidance for its top line as well as bottom line. For the first quarter ending March 2016, the company expects EPS of $0.55 against an analyst consensus estimate of $0.75. In terms of the top line, the company expects full year 2016 revenue to be around $3.6-$3.65 billion, missing the consensus estimate of $3.9 billion.

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