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Media

Zynga Quiet Period Ends, Analysts Come To Defend (ZNGA)

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By Jon C. Ogg Updated Published
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Zynga
Zynga, Inc. (NASDAQ: ZNGA) has now seen its quiet period end after its December IPO.  Shares were up big yesterday after Robert W. Baird’s research team jumped in ahead of the underwriting group with a new equivalent of a BUY rating. This one is still trading as a busted-IPO with shares trading under the $10.00 per share price even after a gain of 6.4% on Tuesday and the cumulative gain since the $8.00 close on January 9 has been 21% from the lowest close of this year.

Here are the analyst initiations we have seen so far from the underwriting firms this Wednesday:

  • Started as Overweight with $11 price target at Barclays;
  • Started as Neutral with $10.50 price target at Bank of America Merrill Lynch;
  • Started as Buy with $13 price target at Goldman Sachs;
  • Started as Overweight with $12 target at JPMorgan;
  • Started as Overweight with $11 price target at Piper Jaffray.

After we added up these five (not counting the few non-underwriting analyst calls out there) we get a consensus price target objective of about $11.50 for Zynga.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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