UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Zynga

In a report published Friday, Jefferies & Company reiterated its Hold rating on Zynga ZNGA, but slightly lowered its price target from $3.00 to $2.50. Jefferies noted, “Down about 19% after hours, Zynga is now trading close to cash as it materially lowered Adj. EBITDA outlook for the second time in roughly 10 weeks. The bad news continued as the company said it would write down roughly half the value (~$85-95MM) of OMGPOP, which Zynga acquired for ~$180MM in March. Going forward, we expect more details about cost cuts on the Oct. 24 earnings call.” Zynga closed on Thursday at $2.82.