Tech ratings changes: Zynga, Palo Alto Networks, Applied Materials

Zynga (ZNGA -2%) has been cut to Underperform by BofA/Merrill. Shares flew higher last week after Zynga announced a Q4 beat, major layoffs, and the acquisition of mobile game developer NaturalMotion.

Palo Alto Networks (PANW +1.9%) has been upgraded to Outperform by Wells Fargo.

Chip equipment makers Applied Materials (AMAT -0.5%), KLA-Tencor (KLAC -1.3%), and Lam Research (LRCX -1.7%) have been cut to Sector Perform by RBC. Lam posted an FQ2 beat last week; KLA delivered an FQ2 EPS beat the week before.

Nanometrics (NANO -5%) has been cut to Sector Perform by RBC.

Sungy Mobile (GOMO +3.8%) has been started at Outperform by Oppenheimer.

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