UPDATE: J.P. Morgan Raises Price Target on Zynga to $15
According to J.P. Morgan, Zynga (NASDAQ: ZNGA) price target is raised to $15.
J.P. Morgan said that Zynga reported solid 4Q11 results with Bookings ($307M) and EBITDA ($68M) above its estimates though likely more in-line with buy-side expectations. “We are raising our PT to $15 from $12. Our PT is based on ~16.5x our 2013 EBITDA estimate of $647M and is roughly in line with other high growth Internet peers.”
Zynga closed yesterday at $14.35.
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