Zynga (ZNGA) Guidance Looks Conservative - Jefferies
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Jefferies US Interactive Entertainment Team reiterated a Buy rating and $5 price target on Zynga (NASDAQ: ZNGA) after a solid quarter and seemingly conservative guidance.
The commented, "ZNGA posted a solid quarter ahead of consensus, and 3Q outlook looks conservative. By year-end we believe user metrics (which have mostly stabilized) could begin to inflect upwards for the first time in years. We note ZNGA does not need a breakout hit to drive growth and profitability and we continue to think the risk / reward looks attractive at these levels especially with $1.25 per share in cash, investments, and real estate."
Shares of Zynga closed at $2.97 yesterday.
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