UPDATE: JPMorgan Downgrades Zynga (ZNGA) to Neutral
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Price: $8.18 --0%
Rating Summary:
15 Buy, 18 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
15 Buy, 18 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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(Updated - March 5, 2012 9:53 AM EST)
JPMorgan downgraded Zynga (NASDAQ: ZNGA) from Overweight to Neutral with a $15 price target before the bell Monday.
Analyst Doug Anmuth said with a 51% surge since late January, they believe the risk/reward in the shares is now more balanced at current levels.
Anmuth said this run-up can be attributed to investor focus on social gaming, the potential for legalization of online gambling, and optimism in the soon-to-be launched Zynga Platform.
"We are also positive on these fronts, but we believe some of the potential upside is now being factored into the stock and it will likely take some time for both online gambling and Zynga.com traction to materialize.
The firm's $15 price target is based on ~16.5x 2013E EBITDA.
For an analyst ratings summary and ratings history on Zynga click here. For more ratings news on Zynga click here.
Shares of Zynga are down 6 percent related to the downside.
JPMorgan downgraded Zynga (NASDAQ: ZNGA) from Overweight to Neutral with a $15 price target before the bell Monday.
Analyst Doug Anmuth said with a 51% surge since late January, they believe the risk/reward in the shares is now more balanced at current levels.
Anmuth said this run-up can be attributed to investor focus on social gaming, the potential for legalization of online gambling, and optimism in the soon-to-be launched Zynga Platform.
"We are also positive on these fronts, but we believe some of the potential upside is now being factored into the stock and it will likely take some time for both online gambling and Zynga.com traction to materialize.
The firm's $15 price target is based on ~16.5x 2013E EBITDA.
For an analyst ratings summary and ratings history on Zynga click here. For more ratings news on Zynga click here.
Shares of Zynga are down 6 percent related to the downside.
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