Zynga Price Target Increased to $3.90 by Analysts at Bank of America (ZNGA)
The analysts wrote, “While U.S. real-money gaming revenues are likely still 18+ months away, the opportunity is getting increased visibility in 2013 with recent legalization in Nevada and New Jersey, and ZNGA is positioned to capitalize given: 1) its large WW online poker audience with 35mn monthly users (current AppData estimate), 2) its new COO who has online gambling experience, 3) its partnership with bwin.party to launch a gambling site in the UK (1H13).”
A number of other analysts have also recently weighed in on ZNGA. Analysts at Jefferies Group reiterated a “hold” rating on shares of Zynga in a research note to investors on Wednesday, February 6th. They now have a $3.00 price target on the stock, up previously from $2.50. Analysts at Evercore Partners reiterated an “underweight” rating on shares of Zynga in a research note to investors on Wednesday, February 6th. They now have a $2.70 price target on the stock, up previously from $1.70.
Three research analysts have rated the stock with a buy rating, sixteen have given a hold rating, and two have issued a sell rating to the company. Zynga has a consensus rating of “hold” and a consensus target price of $3.28.
Zynga traded down 0.28% on Thursday, hitting $3.51. Zynga has a 1-year low of $2.09 and a 1-year high of $14.48. The stock’s 50-day moving average is currently $3.00. The company’s market cap is $2.757 billion.
Zynga last posted its quarterly earnings results on Tuesday, February 5th. The company reported $0.01 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.03) by $0.04. The company had revenue of $311.00 million for the quarter, compared to the consensus estimate of $212.11 million. During the same quarter last year, the company posted $0.05 earnings per share. Zynga’s revenue was up .0% compared to the same quarter last year. Zynga has set its Q1 guidance at ($0.05)-($0.04) EPS. Analysts expect that Zynga will post $-0.05 EPS for the current fiscal year.
Zynga Inc. (Zynga), is a provider of social game services with 240 million average monthly active users over 175 countries.
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