- Zynga (NASDAQ:ZNGA) is backing up premarket performance with a 6% gain so far today following a solid revenue beat driven by healthy Q4 bookings growth.
- That comes against a backdrop of a rough week for videogaming. But Zynga is "performing nearly flawlessly," says Wedbush's Michael Pachter, who boosts his price target to a Street-high $6.40 (implying 34% further upside from today's gains).
- He looks for sustainable growth through the fiscal year, which features new titles from licenses for Game of Thrones, Harry Potter and Star Wars. He also sees the company's controlling interest in Small Giant Games as a performance driver for the next two quarters. (h/t Bloomberg)
- Other price target hikes: UBS has raised its target to $6.00; Morgan Stanley has boosted its target to $5.25; and BofA/Merrill Lynch has raised its target to $5. Shares are currently at $4.78.
- Earnings call slides
- Earnings call transcript
Zynga bucks bad videogame week with 6% gain on earnings
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