Evercore Expects Upside For Zynga Amid 'Challenging' Trends And Delays
Evercore analyst Ken Sena reiterated an Equal-Weight rating on Zynga (NASDAQ: ZNGA) and lowered the price target from $5.50 to $4.50 on challenging trends and forecasted delays.
In the report, Sena emphasized that the company may see an upside amid challenging traffic trends and “likely launch delays.” The analyst commented that launch delays by Zynga may be intentional to better optimize marketing completion as marketing costs rise.
With shares down 22 percent year-to-date and off 50 percent from the beginning of the quarter, Sena still sees an upside. Evercore highlighted the company's advantage over peers with its cash position only exceed by Electronic Arts.
Shares of Zynga closed at $2.97 on Thursday. The stock is currently trading at $2.99, up 0.84 percent.
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