UPDATE: Bank of America Raises PO to $3.90 on Zynga on Eventual Real-Money Gaming Revenue

Bank of America maintained Zynga

with a Buy rating and raised the price target from $3.60 to $3.90. Bank of America commented, "While U.S. real-money gaming revenues are likely still 18+ months away, the opportunity is getting increased visibility in 2013 with recent legalization in Nevada and New Jersey, and ZNGA is positioned to capitalize given: 1) its large WW online poker audience with 35mn monthly users (current AppData estimate), 2) its new COO who has online gambling experience, 3) its partnership with bwin.party to launch a gambling site in the UK (1H13)." Zynga closed at $3.52 on Wednesday.