UPDATE: Morgan Stanley Initiates Coverage on Zynga at Overweight

According to Morgan Stanley, Zynga ZNGA coverage is initiated at Overweight. Morgan Stanley said that Zynga is the clear leader in US social gaming, with sustainable competitive advantages built through its leadership position. “Zynga trades at a discount to other internet platform leaders at 11.5x C'13E EBITDA, a compelling valuation given its strong C2012E pipeline. We initiate at OW with a $14 PT.” Zynga closed yesterday at $9.71.