NEW YORK (TheStreet) -- Shares of LinkedIn Corp (LNKD) are tanking, sharply down 19.7% to $202.46 on heavy volume in early market trading Friday, following price target cuts by two firms this morning.
Following the huge sell-off of LinkedIn shares in Thursday's after-hours session, SunTrust Robinson Humphrey and Brean Capital lowered their price target.
SunTrust lowered its price target to $250 from $275 with a "buy" rating, and Brean lowered its price target to $172 from $208 with a "sell" rating.
Both firms cited LinkedIn's disappointing outlook, after the professional networking site issued a weak second quarter and full year outlook late Thursday.
For the second quarter, the company expects earnings of 28 cents per share on revenue of between $670 million and $675 million. Analysts are expecting earnings of 74 cents per share on revenue of $717.5 million.
For the full year, LinkedIn forecasts earnings of $1.90 per share on revenue of $2.9 billion. The consensus estimate calls for earnings of $3.03 per share on revenue of $2.97 billion, according to Thomson Reuters.
Still, JPMorgan Chase analysts think the pullback is overdone.
The firm reiterated an "overweight" rating with a $300 price target, saying the headline numbers look worse than the actual business fundamentals.
For the first quarter, the company earned 57 cents per share, higher compared to the consensus estimate of 56 cents per share, according to analysts polled by Thomson Reuters.
Revenue for the period came in at $638 million, versus the $636.04 million analysts were expecting.