Salesforce, which went public in 2004, was trading at 12 times its revenue a year after its IPO, while LinkedIn is trading at 10 times. "The similarities between LNKD and CRM include a predominantly enterprise-facing business model, consistent high double-digit revenue growth, multiple customer segments, large addressable markets, high gross margin and operating cash flow leverage, and a clear data advantage, suggesting strong moat characteristic," said Sena. Wunderlich Securities initiated coverage of LinkedIn Wednesday, with a buy rating and a price target of $195. "The company's Recruiter product and broader Talent Solutions platform have become extremely valuable for recruiters," Harper wrote. "We view LinkedIn with a very large competitive moat around its platform given strong network effects, a highly visible revenue stream and the ability to rapidly innovate with new products."