Zynga Inc (NASDAQ:ZNGA) is garnering the confidence of analysts since the arrival of CEO Don Mattrick and his new transition plans. Investors are still not enthusiastic about the stock and are not paying much attention, but the recent moves made by the social gaming company seems to be striking the right chord and analysts expect the company to rebound.
Analysts expect revival
After the IPO in 2011, analysts were anticipating Zynga’s market cap to be somewhere in the range of $15 billion to $20 billion, according to a report from CNBC. However, it dropped to just $7 billion, and the stock had a steep decline after trading for just five days. Zynga Inc (NASDAQ:ZNGA) has a current market cap of around $3 billion.
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John Taylor, managing director of Arcadia Investment Corp, says that Mattrick has laid the foundation for a turnaround. Taylor added that to successfully implement the strategy, the company needs to retain its players. Mattrick has tried to change the culture of the organization by hiring fresh people and letting go of non-performers. He has set achievable targets for people.
Michael Pachter, managing director of equity research at Wedbush Securities, said that expectations have becom