Zynga initiated with an Underperform at CLSA CLSA said mobile has been disruptive to Zynga's (ZNGA) desktop business model and has reduced its advantage on Facebook (FB) and created increased competition from app stores. The firm believes Zynga will have a difficult time managing multiple transitions and initiated shares with an Underperform and a $3.50 price target.
News For ZNGA From The Last 14 Days
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May U.S. retail video game sales fall 25%, Bloomberg reports U.S. retail sales of video game hardware, software and accessories tumbled 25% to $386.3M this past May, with overall hardware sales down 31% from last year to $96M, reported Bloomberg citing data from NPD Group. Reference Link