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 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."