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Zynga +3.1% as Macquarie upgrades to Outperform

  • Zynga (NASDAQ:ZNGA) is up 3.1% premarket after a second firm expresses confidence in management's direction, with Macquarie upgrading to Outperform from Neutral.
  • Valuation is reasonable when looking at EV/EBITDA in 2020, and there's potential for lower app commissions to boost 2020 EBITDA by 37-67%, Macquarie says: "We are more positive on its ability to layer in revs from 8 new games for ’19, ’20, and beyond." (h/t Bloomberg)
  • The stock is down 8.3% over the past quarter, making up all of its 2018 decline to date; shares are down 3.9% over the past 12 months.

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Take-Two Interactive Software, Inc.