Evercore Partners Downgrades Zynga (ZNGA) to Underweight; Negative Issues Manifested Early
Tweet Send to a FriendGet Alerts ZNGA Hot Sheet
Price: $3.39 --0%
Rating Summary:
3 Buy, 20 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
3 Buy, 20 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade ZNGA Now!
Evercore Partners downgraded Zynga (NASDAQ: ZNGA) from Equal Weight to Underweight with a price target of $2.00 (from $5.00).
Analyst, Ken Sena, said, "Although our concerns over Zynga’s Facebook (Nasdaq: FB) reliance, where traffic acquisition costs are increasing, and its limited barriers to entry, have been well expressed, we are surprised by how quickly these events have manifested, particularly the impact of Facebook’s changes to its GraphRank algorithm and mobile factors. Nevertheless, despite Zynga’s new valuation, we would caution investors to be wary as we don’t see these negative factors improving anytime soon."
FY12 EPS estimate cut from $0.24 to $0.09 and FY13 from $0.33 to $0.13.
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.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, Ken Sena, said, "Although our concerns over Zynga’s Facebook (Nasdaq: FB) reliance, where traffic acquisition costs are increasing, and its limited barriers to entry, have been well expressed, we are surprised by how quickly these events have manifested, particularly the impact of Facebook’s changes to its GraphRank algorithm and mobile factors. Nevertheless, despite Zynga’s new valuation, we would caution investors to be wary as we don’t see these negative factors improving anytime soon."
FY12 EPS estimate cut from $0.24 to $0.09 and FY13 from $0.33 to $0.13.
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.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: MKM Partners Downgrades Alkermes (ALKS) to Sell
- Dollar Tree (DLTR) Beats But Looks Stretched - Jefferies
- Baird Downgrades Titan Machinery (TITN) to Neutral
Create E-mail Alert Related Categories
Analyst EPS Change, Analyst EPS View, Analyst PT Change, Downgrades
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
