Piper Analyst Sees Little Value Left in Zynga (ZNGA), Mobile Still Holds Potential - CNBC

Zynga (Nasdaq: ZNGA) shares tick lower as Piper Jaffray's Michael Olson comments on CNBC.

Olson notes that as financial performance has dwindled, relationships have suffered.

He continued that it would be "shocking" to see Facebook (Nasdaq: FB) enter the gaming market.

Strip out cash on hand and real estate, not much enterprise value left in Zynga. That's why shares are trading around the $2 to $3 level.

He thinks others will enter the space, more developers entering, but that Zynga isn't necessarily a takeover target.

If Zynga can gain traction on the mobile space, there might be some hope yet.

Earlier, Evercore came out with some positive comments on the amended agreement.

Shares of Zynga are down 8.4 percent Friday.

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