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$LNKD,...Argus upgrades LinkedIn to Buy following selloff

With LinkedIn sinking another 0.9% today, to bring its two-day drop to 19.3% since it slashed guidance Thursday, Argus joined other analysts in defense and upgraded shares to Buy, from Hold.

"A few more quarters of pain" are ahead, the firm says, but echoing other analysts, it says LinkedIn's problems are transitory and "its business model is resilient enough to overcome them."

"The sales force transition may have been management's first significant mistake, but in our view, the move also positions the company for future growth, perhaps just not as much as previously expected in 2015," Argus wrote. Currency issues noted in the Q1 report have hurt nearly every company in the coverage group, the firm added.

Argus set a price target of $280 on the shares; LinkedIn closed Monday at $203.42.