Our new $150 target is an enterprise value of 13 times our 2017 estimates for Ebitda, between the multiples of Facebook (
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There is macro risk but expectations and valuation have been drastically reset. Another handy GIF manipulation library, gifsicle, has a few built in methods for optimizing GIFs Resize your photos easily and for free with the Adobe Photoshop Express image resizer tool It is easy, fast and free tool Shield Arms S15 Problems You can choose a single image or hundreds at once This free online GIF compressor for professionals. We believe that LinkedIn is a stable network with a clear and differentiated use-case, has solid growth in its core hiring business and incremental growth opportunities in sales and learning. After disappointments in three of the past four quarters, sentiment will be difficult to reverse. LinkedIn has been a great earnings momentum stock for most of its tenure as a publicly traded company. We think it will take multiple quarters of solid execution to restore confidence. but also print information about compressed image sizes. We expect the stock will be perceived as too risky to most investors in the current “risk-off” environment. Gifsicle normally processes input GIF files according to its command line options and writes. We do not see an easy recovery and think valuation will remain depressed in the near term. They are not embedding new products or higher engagement trends observed in the eight weeks since launching its new flagship app.
Management says it is embedding a more significant slowdown in Europe, the Middle East and Africa (EMEA) (24% of revenue) and Asia Pacific (APAC) (8% of revenue) on currencies and weakening macro conditions.
This suggests heavy conservatism, which may be correct, but the stock correction suggests a significant fundamental breakdown. It is not seeing friction on annual price increases, up mid-single-digits, similar as last year. Management says it has not seen an increase in churn, a slowdown in deal close rates or a pipeline issue. Results have exceeded management’s original full-year revenue guidance by an average of 8.5% in the five years since its initial public offering (IPO) (average 6.5% upside to quarterly guidance over 18 quarters). Management has a long track record of conservative guidance. On an Ebitda basis, the stock now trades at 11 times versus Internet comps at 13 times and SaaS comps at 43 times. On lowered consensus, the stock now trades at 3.0 times sales versus Internet comps at 6.5 times and software-as-a-service (SaaS) comps at 5.2 times. The stock is already more than 35% below this level. Of the nine downgrades in response to the earnings results, the average price target was lowered to $159. We think the stock has significantly overshot on the downside. We are lowering our price target from $310 to $150 on lower estimates and a lower multiple. We expect a lengthy road to recovery for the stock, but are maintaining a Buy rating.
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