UPDATE: Goldman Sachs Raises PT on Zynga to $15

Goldman Sachs has published a research report on Zynga

after the company reported its first quarter as a public company. In the report, Goldman Sachs writes, "Zynga reported its first quarter as a public company, with bookings and PF EPS exceeding consensus by $3 mn and $0.02, respectively. Its 2012 outlook for bookings bracketed our estimates; projected PF EPS range exceeded consensus by $0.01. In 2011, ZNGA invested approximately $590 mn into new game development and tech platform, with R&D up 2.5x and CapEx up over 4x yoy. 2012 will see CapEx of $150 mn at midpoint, down 37% yoy as the Z Cloud project is being completed and the remaining 20% of daily active users (DAUs) are migrated onto internal servers." Goldman Sachs maintains its Buy rating and has raised the price target from $13 to $15 on Zynga, which is currently trading down 42.10 from yesterday's $14.35 closing price.