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Why King Digital Entertainment (KING) Stock Is Up Today

NEW YORK (TheStreet) -- King Digital Entertainment (KING - Get Report) rose Monday after the "Candy Crush" maker received multiple positive coverage initiations.

J.P. Morgan (JPM) gave the stock an "overweight" rating and a price target of $30. "King is a global leader in mobile games and is poised to benefit from key trends, including continued growth in social, increased smartphone and tablet penetration, the rapidly growing app economy and the secular shift toward free-to-play games," the firm wrote in a research note.

Credit Suisse initiated coverage with an "outperform" rating and a $28 price target. "Smartphones and tablets are the dominant modality of play for King's games, and with nearly one-third of the consumer's time spent on mobile on games, the company is highly levered to the proliferation of connected devices," the firm wrote in a research note.

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Pacific Crest gave King an "outperform" rating with a $21 price target, as did Cowen with a $31 price target. RBC Capital Markets set an "outperform" rating and a $24 price target.

Each of the aforementioned firms was an underwriter of King's IPO on March 26.

The stock was up 5.92% to $18.60 at 2:03 p.m.

KING Chart

KING data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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