Baird Maintains an 'Outperform' on Zynga (ZNGA); Inching Away From Facebook (FB)

Baird maintains an 'Outperform' on Zynga (NASDAQ: ZNGA) price target of $13.00.

Analyst, Colin Sebastian, thought that investors were actually hoping for more from Zynga and their new releases of Matching with Friends, The Ville and ChefVille.

Sebastian thinks these announcements (along with plans to launch a social platfrom for players) are positive as the company is taking a step back away from Facebook (Nasdaq: FB).

Sebastian concluded with, "Despite slower growth trends during Q2 for social games, we believe sentiment remains overly negative given Zynga’s ability to monetize its robust user base. Our $13 price target is based on 15x EV/EBITDA, compared to the average 16x multiple for similar internet marketing/media companies."

For an analyst ratings summary and ratings history on Zynga click here. For more ratings news on Zynga click here.

Shares of Zynga closed at $5.77 yesterday.

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