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Zynga Inc (NASDAQ:ZNGA) has more resources and experience than its content aggregator peers and could begin exhibiting “more platform-like qualities that warrant a premium multiple,” according to BofA Securities.
The Zynga Analyst: Ryan Gee upgraded Zynga from Underperform to Neutral and raised the price target from $9.50 to $12.
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The Zynga Thesis: The company reported its fourth-quarter bookings 3% higher than the Street expectations, driven by a meaningful advertising beat in WWF and the Rollic acquisition, Gee said in the upgrade note.
“We have mixed emotions about the source of the 4Q beat, but are encouraged by the progress with games in soft launch, see ZNGA as a net beneficiary of iOS ad-changes, and the ’21 margin outlook may prove conservative,” the analyst said.
See also: How to Buy Zynga Stock (ZNGA)
“For ’22, we now see a path for 11% rev growth and our EBITDA is up 18% to $810mn; a 25.4% margin,” he aid.
“While a new viral hit could be accretive to bookings and EBITDA, ZNGA does not have a strong record of growth through new game development.”
ZNGA Price Action: Shares of Zynga gained 7.35% Thursday, closing at $11.98.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.