With Zynga’s (NASDAQ:ZNGA) the quiet period over, one would perhaps think that analysts might be ready to roll the proverbial dice on online gambling. Well, they are…sort of. Zynga’s initial public offering was a fairly modest $10 bet just last month, but has since been trading below price. Five different analysts have released their initial reports and it’s time to look at the highs and lows of their assessment:
Morgan Stanley’s Scott Devitt rates Zynga “overweight” with a $14 target, citing the company as a “clear leader in U.S. social gaming…”
Bank of America/Merrill Lynch through Justin Post, however, rates Zynga “neutral” with a $10.50 target. While Post says,”Zynga is a (player) on social networking…and…the best positioned company…to benefit from the growing popularity of Facebook…” It appears, though, that the firm is “…looking for better visibility on the next potential ‘hit’ title…”
Here’s how Zynga shares are trading now:
Zynga, Inc. (NASDAQ:ZNGA): ZNGA shares recently traded at $9.54, down $0.17, or 1.75%. They have traded in a 52-week range of $7.97 to $11.50. Volume today was 5,178,357 shares versus a 3-month average volume of 10,320,300 shares. The company’s trailing P/E is 128.92, while trailing earnings are $0.07 per share.