UPDATE: Morgan Stanley Reduces PT to $13 on Zynga on Share Price Headwinds

Morgan Stanley reiterates its Overweight rating on Zynga

and reduces its price target from $15 to $13. Morgan Stanley notes, "Zynga shares have fallen to ~50% of their value at IPO due to lock-up expirations, sector weakness, and misperceptions about DAU declines hurting bookings. We lower our PT to $13 due to potential risks, but reiterate our OW rating and see favorable risk / reward at current price levels." ZNGA closed at $5.05 on Wednesday.