UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Zynga on Solid Beat

In a report published Wednesday, Jefferies reiterated its Hold rating on Zynga

, and slightly raised its price target from $2.50 to $3.00. Jefferies noted, “It was a nice beat but we reaffirm our Hold as we remain on the sidelines until we see evidence of real momentum. We are encouraged ZNGA issued (Oct. 24), reaffirmed (Nov. 13), then beat guidance. But mgmt expects continued bookings declines (-38% Y/Y at midpoint of guide) in 1Q, and visibility beyond that is very low. In 1H'13, ZNGA launches real-money gaming in the UK, prepping for potential legalization of online poker in the US.” Zynga closed on Tuesday at $2.74.