UPDATE: Wedbush Reiterates On Zynga On Q2 Bookings/EPS At Low End Of Guidance

In a report published Friday, Wedbush analyst Michael Pachter reiterated an Outperform rating on

, but lowered the price target from $7.00 to $6.00. In the report, Wedbush noted, “Q2 bookings and EPS were at the low end of guidance, reflecting delays. Bookings were $175 million, vs. our estimate of $195 million, consensus of $191 million, and guidance of $175 – 195 million. Non-GAAP EPS was $0.00, vs. our estimate of $0.01, consensus of $0.00, and guidance of $0.00 – 0.01. Core titles appeared to perform well, but no new major games launched, apart from FarmVille 2 on mobile. We believe guidance contemplated another release late in Q2.” Zynga closed on Thursday at $2.92.