Baird Remains Sidelined on Zynga (ZNGA) Following Solid 3Q
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Baird reiterated a Neutral rating and $3.00 price target on Zynga (NASDAQ: ZNGA) following the company's 3Q earnings report. Bookings of $196.7M were above the consensus of $189M and guidance of $180-190M, driven by Words with Friends and Zynga Poker, and improving CSR monetization. Q4 bookings guidance of $185-195 million were below consensus estimates of $201.4 million.
Analyst Colin Sebastian commented, "Zynga reported better-than-expected Q3 results, driven by improving monetization of CSR2, coupled with continued strength in Words With Friends and Zynga Poker. DAUs increased +3% Q/Q, while monetization trends improved both sequentially and on a Y/Y basis. Despite positive trends in Q3, we note that Q4 guidance appears soft due to the minimal impact from Dawn of the Titans and a Y/Y decrease in advertising bookings. Maintain Neutral."
Shares of Zynga closed at $2.74 yesterday.
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