by Christopher Freeburn | February 4, 2014 12:02 pm
Game-developer Zynga (ZNGA) received a vote of confidence from a leading global bank, sending ZNGA stock up about 5% in Tuesday mid-day trading.
Zynga stock rose after UBS (UBS) analyst Eric Sheridan raised his rating on Zynga shares from “Neutral” to “Buy.” Sheridan also increased his price target for Zynga stock from $4 to $6 a share, Benzinga noted.
The upgrade sent Zynga shares rising to their highest price in more than a year.
Last month, Zynga stock sold off after it closed its YoVille game and received a negative report from a Sterne Agee analyst.
In January, Zynga shares moved higher after the company announced that it would spend $527 million to acquire mobile game developer NaturalMotion.
ZNGA stock has gained more than 70% over the past year. ZNGA stock closed at $4.49 a share on Monday.
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