UPDATE: J.P. Morgan Upgrades Zynga

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According to a research report published this morning, J.P. Morgan has upgraded Zynga (NASDAQ: ZNGA) from Neutral to Overweight.J.P. Morgan commented in the report, "Mobile DAUs increased from 12M to 22M Q/Q—now 1/3 of total DAUs—and mobile represented the majority of bookings growth Y/Y and Q/Q. We know it's early days in mobile, but we're encouraged by newer games like Scramble With Friends and the high recurring pay levels of Zynga Poker on mobile. Draw Something, which hardly showed up in numbers given the late 1Q closing, should further add to mobile strength."J.P. Morgan maintains its $14 PT on Zynga, which closed yesterday at $9.42.

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