Zynga (ZNGA) New CEO 'Knows When to Fold 'em'; Wedbush Maintains Outperform

July 26, 2013 11:02 AM EDT
Get Alerts ZNGA Hot Sheet
Price: $2.64 +0.38%

Rating Summary:
    8 Buy, 19 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Wedbush maintained an Outperform rating on Zynga (NASDAQ: ZNGA) with a price target of $4.25. Shares declined as a result of disappointing Q2 results. Zynga also said it was shelving plans for real money gaming in the U.S.

Commenting, analyst Michael Pachter of Wedbush said, "We are optimistic that Mr. Mattrick will make meaningful changes during his first 180 days in his new position . . . New CEO Don Mattrick directly addressed his challenges to turn the company's performance around . . . Mr. Mattrick intends to spend the next 90 days getting to know his employees, conducting a top-to-bottom business unit review, focusing the company on quality, looking at how Zynga is deploying its people and assessing the product pipeline. We suspect that this review will result in a further streamlining of Zynga's operations, and will help the company to better focus on its more immediate revenue opportunities."

For an analyst ratings summary and ratings history on Zynga (NASDAQ: ZNGA) click here. For more ratings news on Zynga click here.

Shares of Zynga closed at $3.50 yesterday.

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