UPDATE: Wedbush Raises Price Target on Zynga to $17

According to Wedbush, Zynga (NASDAQ: ZNGA) price target is raised to $17

Wedbush said that while revenue was below its expectations due to lower-than-expected online game revenue, non-GAAP EPS beat its and consensus estimates. “Our revised price target reflects an EV/EBITDA multiple of ≈ 23x our estimate for 2013 adjusted EBITDA, or an EV/EPS multiple of ≈ 34x our 2013 EPS estimate.”

Zynga closed yesterday at $14.35.