- Zynga (NASDAQ:ZNGA) is up 2.8% today in reaction to a Q4 report that had something for everyone, with bookings that grew 11% and revenue that beat expectations but a wider loss than expected and light projections for Q1 EBITDA.
- Wedbush has reiterated an Outperform rating and $4.25 price target, implying 64% upside to the "compelling investment."
- EBITDA was the company's highest in almost four years, notes analyst Michael Pachter, and bookings beat expectations.
- “Zynga has guided to a q-o-q bookings decline of $12 million in Q1, but the stability of its core titles and the additions of CSR Racing 2 and Dawn of Titans, among other titles, give us confidence that Zynga can grow its bookings throughout 2017 once it gets past the Q1 advertising hiccup," Pachter says. He's expecting bookings growth of about $55M this year.
- Investors should get more positive as the year goes on due to the "forever franchise" approach and improving financials, he says.
Zynga +2.8% after earnings; Wedbush upbeat on prospects
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