Baird Maintains an 'Outperform' on Zynga (ZNGA); Cash Balance Provides Downside Cushion
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Price: $3.38 +0.30%
Rating Summary:
3 Buy, 20 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
3 Buy, 20 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade ZNGA Now!
Baird maintains an 'Outperform' on Zynga (NASDAQ: ZNGA) price target of $6.00 (from $13.00).
Analyst, Colin Sebastian, said, "Big reset of expectations as social games take a breather. Despite challenging social game trends becoming more evident (see our intra-quarter research notes), actual results and outlook were much worse than anticipated. Bookings declined 8% sequentially as Facebook shifted focus to new games and compounded by some user fatigue for management style games. While shares will now be in the 'penalty box,' over the long term Zynga should continue to benefit from the expanding markets for social and mobile games."
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 $5.08 yesterday, with a 52 week range of $4.45-$15.91.
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Analyst, Colin Sebastian, said, "Big reset of expectations as social games take a breather. Despite challenging social game trends becoming more evident (see our intra-quarter research notes), actual results and outlook were much worse than anticipated. Bookings declined 8% sequentially as Facebook shifted focus to new games and compounded by some user fatigue for management style games. While shares will now be in the 'penalty box,' over the long term Zynga should continue to benefit from the expanding markets for social and mobile games."
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 $5.08 yesterday, with a 52 week range of $4.45-$15.91.
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Robert W Baird
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