UPDATE: Piper Jaffray Maintains Neutral for Zynga and Raises PT Based on New Game traction

In a report published on Tuesday, Piper Jaffray analyst Michael Olson reiterated Zynga ZNGA at Neutral while increasing its price target from $3.40 to $3.50 based on a stable yet unclear recovery for the game designer. In the report, Olson stated, "A successful outcome from here would involve a return to bookings growth in 1H'14 led by strong reception of new mobile games, continued stability in the core and modest contribution from real money gaming. While it remains too early to call, we have identified a number positive signs that suggest a recovery is still achievable." Zynga closed on Monday at $3.40.