Wall Street took a long-term view on LinkedIn Corp.'s prospects on Friday, with at least six brokerages raising their price targets, Reuters reported.
LinkedIn on Thursday forecast a weaker-than-expected current quarter, following a first quarter that exceeded estimates. The company's shares were down about 8 percent in early trading after company executives suggested that a revamped mobile app and other new products designed to keep smartphone users engaged would not deliver on advertising growth as quickly as hoped.
The company on Thursday reported earnings of $52.4 million during the first quarter, and sales of nearly $325 million, CNN Money reported.
But analysts chose to focus on the company's forecast for the current quarter, which predicted sales to come in between $342 million and $347 million, below analyst estimates.
Some industry analysts wonder if the company's ad revenue on mobile devices is keeping pace with the transition to a higher focus in that area, Bloomberg reported.