Analysts Adjust Zynga Price Target Post Q3 Results

Analysts lowered price targets on Zynga Inc ZNGA following Q3 results.
Barclays analyst Mario Lu lowered the PT to $10 from $12, implying a 33% upside, and affirmed an Overweight.
The fiscal 2021 booking guidance of $2.8 billion and EBITDA of $650 million remained unchanged despite the inclusion of StarLark in Q4, which the analyst estimates will contribute $20 million in bookings.
Baird analyst Colin Sebastian lowered the PT to $10 from $14 and reiterated an Outperform.
The analyst believes monetization trends overall are trending a little better than feared.
He said while core game performance remains mixed, Q3 results overall were slightly ahead of consensus expectations, with IDFA issues having less impact on revenues than management initially expected.
Price Action: ZNGA shares traded higher by 8.44% at $7.58 on the last check Tuesday.