Barclays Lowers Price Target on Zynga (ZNGA); Despite Price Drop, Risk Still Remains

Barclays maintains an 'Equalweight' on Zynga (NASDAQ: ZNGA) price target of $8.00 (from $10.00).

Analyst, Mark May, said, "With the stock ~50% below its IPO price and valuation at 6x EV/CY12 EBITDA (based on our below-consensus estimates), we've become less negative and would recommend that bears reconsider their positions. That said, we still see challenges and remain cautious. We lower our price target based on more conservative DCF assumptions and lower comp multiples. Our downside case is $5."

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 $5.56 yesterday.

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