NEW YORK (TheStreet) -- King Digital Entertainment (KING) received multiple analyst downgrades in the wake of the "Candy Crush" maker's poor second-quarter results.
Barclays downgraded the stock to "equal weight" and set a $16 price target, as the company missed earnings expectations.
Deutsche downgraded King to "hold" from "buy" and set a $12 price target. The firm said the company's new games have been disappointing.
Must Read: Warren Buffett’s 25 Favorite StocksEXCLUSIVE OFFER: See inside Jim Cramer’s multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE. JP Morgan downgraded the stock to "neutral" and set an $18 price target, as the company's new games are not offsetting Candy Crush. Finally, RBC Capital Markets downgraded King to "sector perform" from "outperform," set a $15 price target and decreased its estimates. The firm said Candy Crush is declining faster and new products are not picking up the slack. The stock was plummeting 24.07% to $13.82 in pre-market trading Wednesday. KING data by YCharts
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