UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on Zynga

In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on Zynga

, but lowered its price target from $5.00 to $3.00. BMO Capital Markets noted, “The company experienced a weaker-than-expected performance in its “invest and express” web-based games – essentially its Ville games. Zynga also lowered its expectations for the balance of the year to reflect a weaker-than-expected performance from The Ville as well as delays in the launch of new titles. We are lowering our estimates for 2012 and 2013 to reflect the current challenges. We are also reducing our 12-month price target.” Zynga closed on Thursday at $2.82.