UPDATE: Evercore Partners Downgrades Zynga to Underweight

Evercore Partners lowers its rating on Zynga (NASDAQ: ZNGA) to Underweight on heightened valuation risk following softer-than-expected top-line guide and engagement.

Evercore Partners says, "Tepid engagement trends, evidenced by monthly unique users and daily active users staying flat with the previous quarter, FY12 revenue guidance coming in 6% below our prior estimate at the mid-point of the $1.35-$1.45 billion guidance range, and a key metric (i.e., the number of unique payers) being redefined, causing some limitation in our ability to compare to prior periods, were areas of concern."

ZNGA closed at $14.35 a share yesterday.