Zynga Shares Rise After Being Added to Wedbush 'Best Ideas' List

Zynga

shares showed strength Monday morning after Wedbush analyst Michael Pachter released a note reiterating his Outperform rating and $7 price target on the company, while adding it to his 'best ideas' list. In the report, Pachter stated that he expects the company to meet or exceed its first quarter guidance in its coming report, and that he was encouraged by the company's dedication to address the "play anywhere" trend that the market seems to be following. Most interestingly, Pachter commented on the company's current staffing levels, stating that it appears Zynga is poised for a number of near term product releases, with only 1000 employees working on the existing franchises, and the remaining 2400 working on undisclosed projects. The note appears to be moving the street to the bullish side this morning, leading to a rally of 2.86 percent to $4.32.