Zynga (ZNGA) PT Cut to $3 at Piper Jaffray

Piper Jaffray analyst Michael Olson reiterated a Neutral rating on Zynga (NASDAQ: ZNGA) and lowered his price target to $3.00 (from $4.50) following Q2 bookings and EBITDA below expectations and lowered FY guidance.

"The primary reason behind the miss and lowered guidance was the delay of several game launches anticipated for mid 2014; these titles will now launch in late '14 or '15. Some investors will be encouraged by the announcement that Zynga is entering two new game genres (sports and "runner"), with an NFL title, Tiger Woods Golf game and Looney Tunes runners, but we expect most on the Street will take a wait-and-see approach, given recent missteps."

The firm cut FY 2014 EPS from $0.03 to $0.00 and FY 2015 EPS from $0.08 to $0.07.

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 $2.92 yesterday.

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