UPDATE: J.P. Morgan Raises Price Target on Zynga to $15

According to J.P. Morgan, Zynga

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.