Zynga (ZNGA) shares were up nearly 3% Tuesday morning after analysts at Piper Jaffray upgraded the mobile gaming company's stock to "overweight" from "neutral" on the expectation that mobile gaming will continue to gain traction.
The firm raised the company's price target to $4 from $3.
"We have confidence in management as most of the key players have come out of Electronic Arts (EA) and are following the same turnaround playbook that EA successfully implemented," analyst Michael Olson said. "2017 will be a year of monetizing existing games through live services, while continuing to right-size expenses."
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