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Zynga's (NASDAQ: ZNGA) disappointing results and its disclosure that product launch delays will result in lower-than-expected 2014 earnings drew disapproval from Wall Street analysts Friday.
"So far, Zynga has failed to deliver," Macquarie's Benjamin Schachter said in a note maintaining a Neutral rating and cutting his target 25 percent to $3. Given recently delayed products, "investors will have to wait at least another quarter to find out if Zynga can grow profitably," Schachter said.
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Zynga "is behaving like a company that believes it can be much larger," Schachter said, noting heavy investment and a stable employee headcount of about 1,900 people. "We certainly agree there is a large opportunity but we'd like to see more consistent execution."
Pacific Crest's Evan Wilson said he's "still not confident" that new products will be "breakout hits." Wilson cut his earnings estimates and maintained a Sector Perform rating.
It's been more than a year since new managers took over at the company and the "lack of product titles continues to surprise," Wilson said. Still, conference call details on upcoming sports games, Temple Run-style games and other products makes Wilson "more positive."
Credit Suisse's Stephen Ju cut his price target on the company to $3.50 from $4, maintaining an Underperform rating.
"The primary catalyst we're waiting for is the creation of lasting new mobile franchises," Ju said in a note. But with an increasing rate of product releases Ju believes there's a growing possibility of upward revisions to estimates.
UBS contrarian Eric J. Sheridan maintained a Buy rating but cut his target to $3, from $6. Sheridan confessed he was "too early" with his February upgrade, "but we don't downgrade here."
Given a potentially strong product pipeline and improving margins, Sheridan thinks the shares will prove a wise investment within 12 to 18 months.
Zynga was down 5.6 percent in afternoon trading Friday to $2.76 per share.
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.