UPDATE: Citi Initiates Coverage on Zynga

According to a research report published this morning, Citi has initiated Zynga

with a Buy rating and $12 PT. In the report, Citi said, "Zynga is the leading developer of Social Games and has built strong moats around its business: 292MM MAUs, a intensive focus around analytics of its games/players, and a proven track record of game monetization. The stock has been highly volatile since its IPO and is currently 20% below its IPO price, largely driven by a material deceleration in its Bookings growth." Zynga is currently trading at $7.80.