Wedbush Raises Price Target on Zynga (ZNGA)
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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!
Wedbush is reaffirming its Outperform rating on shares of Zynga (NASDAQ: ZNGA) following the release of its Q4 results. The firm also raised its price target on the company from $14 to $17.
The company's earnings for the quarter topped expectations, while sales fell short. ZNGA also offered FY12 guidance which caused the firm to raise its sales and earnings estimates from $1.53 billion and $0.18 to $1.57 billion and $0.30. Wedbush also initiated FY13 estimates which call for revenue of $2.05 billion and EPS of $0.43.
The firm remains encouraged with the company growth prospective as it notes international expansion should drive user growth. ZNGA's commitment to the mobile sector should also allow for additional future gains.
ZNGA's pipeline and revenue growth in 2012 also looks quit attractive as a result of the 2011 launches of Adventure World in September, Mafia Wars 2 in October, CastleVille in November, and Hidden Chronicles and Scramble with Friends in January of this year. The firm highlights these launches will help drive revenue growth in the back half of 2012.
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 $14.35 yesterday, with a 52 week range of $7.97-$14.55.
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The company's earnings for the quarter topped expectations, while sales fell short. ZNGA also offered FY12 guidance which caused the firm to raise its sales and earnings estimates from $1.53 billion and $0.18 to $1.57 billion and $0.30. Wedbush also initiated FY13 estimates which call for revenue of $2.05 billion and EPS of $0.43.
The firm remains encouraged with the company growth prospective as it notes international expansion should drive user growth. ZNGA's commitment to the mobile sector should also allow for additional future gains.
ZNGA's pipeline and revenue growth in 2012 also looks quit attractive as a result of the 2011 launches of Adventure World in September, Mafia Wars 2 in October, CastleVille in November, and Hidden Chronicles and Scramble with Friends in January of this year. The firm highlights these launches will help drive revenue growth in the back half of 2012.
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 $14.35 yesterday, with a 52 week range of $7.97-$14.55.
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