Zynga, Inc. (NASDAQ: ZNGA) has now seen its quiet period end after its December IPO. Shares were up big yesterday after Robert W. Baird’s research team jumped in ahead of the underwriting group with a new equivalent of a BUY rating. This one is still trading as a busted-IPO with shares trading under the $10.00 per share price even after a gain of 6.4% on Tuesday and the cumulative gain since the $8.00 close on January 9 has been 21% from the lowest close of this year.
Here are the analyst initiations we have seen so far from the underwriting firms this Wednesday:
- Started as Overweight with $11 price target at Barclays;
- Started as Neutral with $10.50 price target at Bank of America Merrill Lynch;
- Started as Buy with $13 price target at Goldman Sachs;
- Started as Overweight with $12 target at JPMorgan;
- Started as Overweight with $11 price target at Piper Jaffray.
After we added up these five (not counting the few non-underwriting analyst calls out there) we get a consensus price target objective of about $11.50 for Zynga.
JON C. OGG