Zynga Upgrade Pushes ZNGA Stock to 52-Week High

by Christopher Freeburn | February 4, 2014 12:02 pm

Zynga Upgrade Pushes ZNGA Stock to 52-Week High

zynga logo 200x1001 Zynga Upgrade Pushes ZNGA Stock to 52 Week High[1]Game-developer Zynga (ZNGA[2]) received a vote of confidence from a leading global bank[3], sending ZNGA stock up about 5% in Tuesday mid-day trading.

Zynga stock rose after UBS (UBS[4]) 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[5].

In January, Zynga shares moved higher after the company announced that it would spend $527 million[6] 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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/zynga_logo_200x1001.jpg
  2. ZNGA: http://studio-5.financialcontent.com/investplace/quote?Symbol=ZNGA
  3. a vote of confidence from a leading global bank: http://www.benzinga.com/analyst-ratings/analyst-color/14/02/4279078/update-zynga-shares-rallying-on-ubs-upgrade
  4. UBS: http://studio-5.financialcontent.com/investplace/quote?Symbol=UBS
  5. received a negative report from a Sterne Agee analyst: http://investorplace.com/2014/01/zynga-stock-znga-yoville/#.UvEbC3lhOf0
  6. announced that it would spend $527 million: http://investorplace.com/2014/01/znga-stock-zynga-stock/#.UvEbt3lhOf0

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