Zynga had closed as low as $8.00 on Jan.9, but began trending up and closed at $9.52 on Thursday, Jan. 26. The reason for the recent uplift in price may be due to several underwriters launching research coverage on the company in the past few days. According to a recent article on MarketWatch.com, Morgan Stanley, Goldman Sachs, JP Morgan and Barclays Capital launched coverage with "buy" ratings and price targets in the range of $11 to $14, and BofA Merrill Lynch launched coverage with a "neutral" rating and a price target of $10.50 per share. Here's the link to the MarketWatch.com story: http://www.marketwatch.com/story/zynga-underwriters-mostly-bullish-on-shares-2012-01-25?link=MW_latest_news
Zynga's stock closed at $10.05 yesterday (Friday, Jan. 27), $0.05 higher than its initial public offering price of $10.00. Zynga priced its IPO at $10.00 per share on Tuesday, Dec. 15 and began trading on Wednesday, Dec. 16. On the 16th it opened at $11.00 per share, above the IPO price, but closed the day at $9.50 per share. Morgan Stanley was the "lead left" underwriter on the IPO.
Zynga had closed as low as $8.00 on Jan.9, but began trending up and closed at $9.52 on Thursday, Jan. 26. The reason for the recent uplift in price may be due to several underwriters launching research coverage on the company in the past few days. According to a recent article on MarketWatch.com, Morgan Stanley, Goldman Sachs, JP Morgan and Barclays Capital launched coverage with "buy" ratings and price targets in the range of $11 to $14, and BofA Merrill Lynch launched coverage with a "neutral" rating and a price target of $10.50 per share. Here's the link to the MarketWatch.com story: http://www.marketwatch.com/story/zynga-underwriters-mostly-bullish-on-shares-2012-01-25?link=MW_latest_news
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