Needham & Company Reinstates Zynga (ZNGA) at Buy, $3.50 PT

Needham & Company reinstates coverage on Zynga (NASDAQ: ZNGA) with a Buy rating and a price target of $3.50 following Q1 beat

Analyst Sean McGowan commented, "ZNGA’s 1Q results were better than our estimates, consensus and guidance, with strong bookings in casino games driving bookings above our estimates. The company also announced a significant workforce reduction as part of a plan to cut $100 mm in costs over the next 18 months. We have nudged our EPS estimates higher for 2015, 2016 and 2017, and are reinstating our Buy rating. (We had suspended our rating following the April 8th resignation of the former CEO and the suspension of full year guidance.) Our 12-month price target is $3.50."

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 $2.61 yesterday.

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