UPDATE: Bank Of America Lowers Price Target On King Digital
In a note released Wednesday morning, Bank of America cut its price objective for King Digital Entertainment (NYSE: KING) from $22 to $19.
The reduction comes on the back of the company's disappointing third quarter bookings guidance of $512 million vs. Bank of America estimate of $620.
The firm noted, "We think the stock could re-gain form of the aftermarket move (down 20 percent) given a high short interest into results and valuation support, but 2015 estimate uncertainty is likely to remain an overhang for new buyers."
Latest Ratings for KING
|Jul 2015||Morgan Stanley||Initiates Coverage on||Overweight|
|May 2015||Stifel Nicolaus||Maintains||Buy|
|Mar 2015||JP Morgan||Upgrades||Neutral||Overweight|
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