ZNGA is upgraded!!!# Stock
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SAN FRANCISCO (MarketWatch) -- Zynga Inc. ZNGA -2.09% was upgraded to a hold
rating from underperform by Needham & Co. on Thursday morning. In a note to
clients, analyst Sean McGowan noted that the social game maker's stock has
fallen by 27% since he initiated coverage on the shares last month. He also
noted the recent secondary offering removed some risk for the shares. "One
of the factors behind our Underperform rating was a concern that a surge of
insider selling could pressure the shares. With the stock down sharply, we
believe this risk is now reflected in the shares," he wrote. Zynga reports
its first-quarter results next week. Zynga shares were up fractionally in
pre-open trades on Thursday.
rating from underperform by Needham & Co. on Thursday morning. In a note to
clients, analyst Sean McGowan noted that the social game maker's stock has
fallen by 27% since he initiated coverage on the shares last month. He also
noted the recent secondary offering removed some risk for the shares. "One
of the factors behind our Underperform rating was a concern that a surge of
insider selling could pressure the shares. With the stock down sharply, we
believe this risk is now reflected in the shares," he wrote. Zynga reports
its first-quarter results next week. Zynga shares were up fractionally in
pre-open trades on Thursday.
