UPDATE: JP Morgan Downgrades Zynga to Neutral

JP Morgan lowers its rating on Zynga

to Neutral grom Overweight due to the recent run on shares. The price target of $15 is maintained. JP Morgan notes, "We are downgrading Zynga from Overweight to Neutral as we believe the risk/reward in the shares is now more balanced at current levels. Since late January, Zynga shares have appreciated 51% compared to a 7% increase in the Nasdaq and a 4% increase in the S&P500, and they are now essentially at our $15 price target. We attribute the recent move to increased investor focus on social gaming, the potential for legalization of online gambling, and optimism in the soon-to-be launched Zynga Platform." ZNGA closed at $14.69 a share on Friday.