Zynga -13.2%, hitting new lows after disappointing Q4

• Zynga (NASDAQ:ZNGA) has sunk 13.2% to new lows after yesterday's Q4 earnings report, where it broke even but saw its audience dropping off across several measures.
• Credit Suisse is reiterating an Underperform rating and trimmed its price target to $2.87 from $2.93. Shares are trading at $1.85.
• “Similar to prior quarters' reports, Zynga reported continued deterioration of its monthly active and unique users – the impact of which was offset by increased ARPU and ad monetization," wrote Stephen Ju, who nonetheless is expecting to see “the fruits of Zynga's game development efforts in 2H16" after the company pushed key titles Dawn of Titans and CSR2 later in the year.
• Meanwhile, SA contributor Vince Martin says despite the declines there's still a great short case in Zynga as fair value looks well below $2. "This simply is a broken company, with poor (and shareholder-unfriendly) management, and an awful portfolio," he writes, adding that it's somehow valued at nearly $800M despite burning a billion dollars in cash over the past four years.
• Previously: More from Zynga's Q4: Ten games set for 2016; core users spending money (Feb. 10 2016)
• Previously: Zynga tumbles 11% after reporting overall audience declines (Feb. 10 2016)