UPDATE: Sterne Agee Upgrades Zynga
According to a research report published this morning, Sterne Agee has upgraded Zynga (NASDAQ: ZNGA) from Underperform to Neutral.
Sterne Agee said in the report, "We are upgrading ZNGA shares based on valuation. However, our fundamental concerns are unchanged and revolve around: 1) a slowing social gaming market; 2) continued pressure on ZNGA's active user base; 3) lock-up expiration of 325 million shares earlier this week; 4) lack of visibility on the company's product pipeline; and 5) risk to 2013 estimates."
Zynga is currently trading at $6.14.
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