Bank of America raised its outlook on the company while Wedbush, Piper Sandler and Truist Securities all raised their price targets on the San Francisco-based company, which released its fourth-quarter results after the close on Wednesday.
Here is what Wall Street is saying about Zynga Thursday:
Bank of America's Ryan Gee upgraded the stock to neutral from underperform while raising its price target to $12 from $9.50 per share. The firm is positive on the company's growth and margin potential.
Wedbush rates Zynga outperform while raising its price target to a Wall Street high $15 from $14.75 per share. The company's fourth quarter topped expectations and showed solid execution in live services and increased advertiser interest, according to Michael Pachter.
Piper Sandler's Yung Kim said that “with a string of new titles poised to launch and a restocked war chest for further acquisitions, we view the  guidance as conservative." The firm rates Zynga overweight while raising its price target to $13.50 from $12 per share.
Stifel analyst Drew Crum rates the company with a buy and $13 price target while noting that Zynga discussed several initiatives it is pursuing, including hyper-casual games, cross platform technologies and new ad technologies.
Zynga reported net bookings of $699 million in the fourth quarter, topping analyst estimates of $677.3 million.
The "Words With Friends" game maker also reported a doubling of monthly active users to 134 million as people spent more time on their phones amid the coronavirus pandemic and lockdown.