Zynga received an upgrade from Neutral to an Outperform rating by Zacks in a research note to investors on Tuesday. The research firm has assigned a price target of $2.90 per share.
Will new games help Zynga?
Zynga has been struggling to win new players and retain existing ones. To get back the growth momentum, the game maker has been making constant efforts and recently released a new title called Word on Tour, which is an upgrade of its earlier word game.
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The new title is inspired by different games which are already released on different platforms. For instance, the style of word building has been derived from the game Boggle, and the style of phrase solving is inspired from the game show Wheel of Fortune. Candy Crush Saga contributes the style of level progression in the game. The game Words on Tour has common features that Zynga includes in every other game. With the help of these features, a player can compare the progress with their friends and also share extra lives with them. The game is fun to play, as it is a mix of familiar game play as well as interesting travel themes.
Those fond of puzzle-based games can download this game free. It stands in competition with mobile games such as Scrabble. The game is free to download from the App store on iOS devices and Google Play on Android devices. Zynga’s new title is compatible with the iPhone, iPod Touch, and iPad running iOS 7.0 or later but is not yet available for the iPhone 6 or iPhone 6 Plus.
Analysts’ takes on Zynga
Many analysts have released reports on Zynga. Analysts at Jefferies Group said they raised their rating from Hold to a Buy and increased their price target on the stock from $2.48 to $4.50 in a research note to investors on Nov. 11. In a separate report, analysts at Benchmark Co. said they dropped their price target on the game maker to $2.45 in a research note to investors on Nov. 10. Credit Suisse maintained its Underperform rating on the stock with a price target of $3.44 in a research note to investors on Nov. 7. Zynga presently has an average rating of Hold and a consensus price target of $3.72 per share.