Zynga Shares POP 1.7% and 1 Social Media Stock Making Waves
Facebook, Inc. (NASDAQ:FB): Goldman banker Anthony Noto suggests that as a result of the Facebook conflict and the consequential selloff of several important Internet names, the tech IPO market could be done for the remainder of the summer. He adds that the only company who can go public right now is a solid company willing to “haircut” estimates and valuation. These remarks follow Bloomberg Businessweek’s report that Workday, a fast-growing cloud ERP and HR software seller, intends to file for its IPO this month.
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Zynga, Inc. (NASDAQ:ZNGA): According to Goldman Sachs, insider lockups and concerns about the transition to mobile have pressured shares. The firm sees Zynga’s risk/reward as attractive and that earnings and product announcements for Q2 should help the company. The shares hold a Buy rating and a price target falling from $15 to $13.
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